United States of America – Page 21

MIL-OSI: Skyward Specialty Insurance Group Reports Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

HOUSTON, July 30, 2025 (GLOBE NEWSWIRE) — Skyward Specialty Insurance Group, Inc. (Nasdaq: SKWD) (“Skyward Specialty” or the “Company”) today reported second quarter 2025 net income of $38.8 million, or $0.93 per diluted share, compared to $31.0 million, or $0.75 per diluted share, for the same 2024 period. Net income for the first half of 2025 was $80.9 million, or $1.94 per diluted share, compared to $67.8 million, or $1.65 per diluted share, for the same 2024 period.

Adjusted operating income⁽¹⁾ for the second quarter of 2025 was $37.1 million, or $0.89 per diluted share, compared to $33.0 million, or $0.80 per diluted share, for the same 2024 period. Adjusted operating income⁽¹⁾ for the first half of 2025 was $74.5 million, or $1.78 per diluted share, compared to $63.9 million, or $1.56 per diluted share, for the same 2024 period.

Highlights for the second quarter included:

Gross written premiums of $584.9 million, an increase of 17.9% compared to 2024;
Combined ratio of 89.4%;
Ex-Cat combined ratio of 88.0%;
Annualized return on equity of 19.1% for the six months ended June 30, 2025; and,
Book value per share of $22.23, an increase of 12% compared to December 31, 2024.

⁽¹⁾See “Reconciliation of Non-GAAP Financial Measures”

Skyward Specialty Chairman and CEO Andrew Robinson commented, “Our results for the second quarter and for the first half of the year have been outstanding and reflect the strength of our specialized underwriting and claims capabilities, and our execution excellence. In an increasingly challenging market environment, our 18% growth for the second quarter and best ever 89.4% combined ratio are again a demonstration of the power of our portfolio diversity and our ability to deploy capital to attractive markets that enable us to grow underwriting profitability while managing our volatility. As market conditions continue to evolve, we are confident that the disciplined execution of our “Rule Our Niche” strategy will enable us to continue to deliver top quartile returns to our shareholders.”

Results of Operations

Underwriting Results

Premiums
($ in thousands)	Three months ended June 30,								Six months ended June 30,
unaudited	2025			2024			% Change		2025			2024			% Change
Gross written premiums	$	584,914		$	496,243		17.9	%	$	1,120,240		$	954,863		17.3	%
Ceded written premiums	$	(245,701	)	$	(199,114	)	23.4	%	$	(437,756	)	$	(370,634	)	18.1	%
Net retention	58.0		%	59.9		%	NM	⁽¹⁾	60.9		%	61.2		%	NM	⁽¹⁾
Net written premiums	$	339,213		$	297,129		14.2	%	$	682,484		$	584,229		16.8	%
Net earned premiums	$	295,542		$	257,583		14.7	%	$	595,908		$	493,925		20.6	%
⁽¹⁾ Not meaningful

The increases in gross written premiums for the second quarter and first half of 2025, when compared to the same 2024 periods, were driven by double-digit premium growth from the agriculture and credit (re)insurance, specialty programs, accident & health and captives divisions. The increases in gross written premiums were partially offset by decreases in the global property and construction & energy solutions divisions.

Combined Ratio	Three months ended June 30,				Six months ended June 30,
(unaudited)	2025		2024		2025		2024
Non-cat loss and LAE	59.9	%	60.6	%	60.1	%	60.6	%
Cat loss and LAE⁽¹⁾	1.4	%	1.2	%	1.8	%	0.8	%
Prior accident year development – LPT	0.0	%	(0.1	)%	0.0	%	(0.1	)%
Loss Ratio	61.3	%	61.7	%	61.9	%	61.3	%
Net policy acquisition costs	15.1	%	14.0	%	15.0	%	13.7	%
Other operating and general expenses	13.9	%	15.8	%	13.9	%	15.9	%
Commission and fee income	(0.9	)%	(0.8	)%	(0.8	)%	(0.8	)%
Expense ratio	28.1	%	29.0	%	28.1	%	28.8	%
Combined ratio	89.4	%	90.7	%	90.0	%	90.1	%
Ex-Cat Combined Ratio⁽²⁾	88.0	%	89.5	%	88.2	%	89.3	%

⁽¹⁾ Current accident year
⁽²⁾ Defined as the combined ratio excluding cat loss and LAE⁽¹⁾

The loss ratio for the second quarter improved 0.4 points and it increased 0.6 points for the first half of 2025, when compared to the same 2024 periods, respectively. Catastrophe losses in the second quarter increased marginally when compared to the same 2024 period, driven by convective storms in the South and Midwest. The first half of 2025 was also impacted by convective storms in the Midwest and the California wildfires.

The non-cat loss and LAE ratios for the second quarter and first half of 2025 improved 0.7 points and 0.5 points, respectively, when compared to the same 2024 periods, primarily driven by the business mix shift.

The expense ratios for the second quarter and first half of 2025 improved 0.9 points and 0.7 points, respectively, when compared to the same 2024 periods due to earnings leverage partially offset by higher acquisition costs due to the business mix shift.

The expense ratios for all periods presented exclude the impact of IPO related stock compensation and secondary offering expenses, which are reported in other expenses in our condensed consolidated statements of operations and comprehensive income.

Investment Results

Net Investment Income
$ in thousands	Three months ended June 30,						Six months ended June 30,
(unaudited)	2025			2024			2025			2024
Short-term investments & cash and cash equivalents	$	4,574		$	4,021		$	8,615		$	9,108
Fixed income	17,822			13,786			34,552			26,264
Equities	531			751			1,188			1,378
Alternative & strategic investments	(4,338		)	3,476			(6,428		)	3,581
Net investment income	$	18,589		$	22,034		$	37,927		$	40,331
Net unrealized (losses) gains on securities still held	$	(3,181	)	$	(1,760	)	$	2,310		$	7,231
Net realized gains (losses)	6,386			(39		)	7,729			(649		)
Net investment gains (losses)	$	3,205		$	(1,721	)	$	10,039		$	6,582

Net investment income for the second quarter and first half of 2025 decreased $3.4 million and $2.4 million, respectively when compared to the same 2024 periods. The decreases were primarily driven by losses from our alternative & strategic investments portfolio due to the decline in the fair value of limited partnership investments. Partially offsetting the decreases were increases in income from our fixed income portfolio due to a higher yield and larger asset base.

Stockholders’ Equity

Stockholders’ equity was $899.9 million at June 30, 2025 which represented an increase of 5.8% when compared to stockholders’ equity of $850.7 million at March 31, 2025. The increase in stockholders’ equity was primarily due to an increase in the market value of our investment portfolio and net income.

Conference Call

At 12:00 p.m. eastern time tomorrow, July 31, 2025, Skyward Specialty management will hold a conference call to discuss quarterly results with insurance industry analysts. Interested parties may listen to the discussion at investors.skywardinsurance.com under Events & Presentations. Additionally, investors can access the earnings call via conference call by registering via the conference link. Users will receive dial-in information and a unique PIN to join the call upon registering.

Non-GAAP Financial Measures

This release contains certain financial measures and ratios that are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). We refer to these measures as “non-GAAP financial measures.” We use these non-GAAP financial measures when planning, monitoring, and evaluating our performance.

We consider these non-GAAP financial measures to be useful metrics for our management and investors to facilitate operating performance comparisons from period to period. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered supplemental in nature and is not meant to be a substitute for revenue or net income, in each case as recognized in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as comparative measures. For more information regarding these non-GAAP financial measures and a reconciliation of such measures to comparable GAAP financial measures, see the section entitled “Reconciliation of Non-GAAP Financial Measures.”

About Skyward Specialty Insurance Group, Inc.

Skyward Specialty is a rapidly growing and innovative specialty insurance company, delivering commercial property and casualty products and solutions on a non-admitted and admitted basis. The Company operates through nine underwriting divisions – Accident & Health, Agriculture and Credit (Re)insurance, Captives, Construction & Energy Solutions, Global Property, Professional Lines, Specialty Programs, Surety and Transactional E&S. SKWD stock is traded on the Nasdaq Global Select Market, which represents the top fourth of all Nasdaq listed companies.

Skyward Specialty’s subsidiary insurance companies consist of Great Midwest Insurance Company, Houston Specialty Insurance Company, Imperium Insurance Company, and Oklahoma Specialty Insurance Company. These insurance companies are rated A (Excellent) with stable outlook by A.M. Best Company. Additional information about Skyward Specialty can be found on our website at www.skywardinsurance.com.

Forward-Looking Statements

Except for historical information, all other information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are typically, but not always, identified through use of the words “believe,” “expect,” “enable,” “may,” “will,” “could,” “intends,” “estimate,” “anticipate,” “plan,” “predict,” “probable,” “potential,” “possible,” “should,” “continue,” and other words of similar meaning. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. The most significant of these uncertainties are described in Skyward Specialty’s Form 10-K, and include (but are not limited to) legislative changes at both the state and federal level, state and federal regulatory rule making promulgations and adjudications, class action litigation involving the insurance industry and judicial decisions affecting claims, policy coverages and the general costs of doing business, the potential loss of key members of our management team or key employees and our ability to attract and retain personnel, the impact of competition on products and pricing, inflation in the costs of the products and services insurance pays for, product development, geographic spread of risk, weather and weather-related events, other types of catastrophic events, our ability to obtain reinsurance coverage at prices and on terms that allow us to transfer risk and adequately protect our company against financial loss, and losses resulting from reinsurance counterparties failing to pay us on reinsurance claims. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Skyward Specialty Insurance Group, Inc.

Investor contact:
Natalie Schoolcraft,
nschoolcraft@skywardinsurance.com
614-494-4988

or

Media contact:
Haley Doughty
hdoughty@skywardinsurance.com
713-935-4944


Consolidated Balance Sheets
($ in thousands, except share and per share amounts)
(unaudited)	June 30, 2025			December 31, 2024
Assets
Investments:
Fixed maturity securities, available-for-sale, at fair value (net of allowance for credit losses of $6,150 and $0, respectively) (amortized cost of $1,638,973 and $1,320,266, respectively)	$	1,629,464		$	1,292,218
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $268 and $243, respectively)	35,253			39,153
Equity securities, at fair value	58,001			106,254
Mortgage loans, at fair value	10,168			26,490
Equity method investments	88,804			98,594
Other long-term investments	44,479			33,182
Short-term investments, at fair value	214,338			274,929
Total investments	2,080,507			1,870,820
Cash and cash equivalents	136,617			121,603
Restricted cash	36,547			35,922
Premiums receivable, net	518,441			321,641
Reinsurance recoverables, net	925,291			857,876
Ceded unearned premium	294,124			203,901
Deferred policy acquisition costs	140,903			113,183
Deferred income taxes	28,727			30,486
Goodwill and intangible assets, net	88,795			87,348
Other assets	86,440			86,698
Total assets	$	4,336,392		$	3,729,478
Liabilities and stockholders’ equity
Liabilities:
Reserves for losses and loss adjustment expenses	$	1,918,753		$	1,782,383
Unearned premiums	814,063			637,185
Deferred ceding commission	54,952			40,434
Reinsurance and premium payables	299,481			177,070
Funds held for others	127,377			102,665
Accounts payable and accrued liabilities	102,298			76,206
Notes payable	100,000			100,000
Subordinated debt, net of debt issuance costs	19,553			19,536
Total liabilities	3,436,477			2,935,479
Stockholders’ equity
Common stock, $0.01 par value, 500,000,000 shares authorized, 40,486,656 and 40,127,908 shares issued and outstanding, respectively	405			401
Additional paid-in capital	724,159			718,598
Accumulated other comprehensive loss	(2,666		)	(22,120		)
Retained earnings	178,017			97,120
Total stockholders’ equity	899,915			793,999
Total liabilities and stockholders’ equity	$	4,336,392		$	3,729,478

Condensed Consolidated Statements of Operations and Comprehensive Income
($ in thousands)	Three months ended June 30,						Six months ended June 30,
(unaudited)	2025			2024			2025			2024

Revenues:
Net earned premiums	$	295,542		$	257,583		$	595,908		$	493,925
Commission and fee income	2,560			2,053			4,536			4,079
Net investment income	18,589			22,034			37,927			40,331
Net investment gains (losses)	3,205			(1,721		)	10,039			6,582
Other income (loss)	7			(7		)	20			(7		)
Total revenues	319,903			279,942			648,430			544,910
Expenses:
Losses and loss adjustment expenses	181,262			159,054			368,571			302,968
Underwriting, acquisition and insurance expenses	85,596			76,679			172,147			146,453
Interest expense	1,876			2,449			3,710			5,176
Amortization expense	372			360			709			748
Other expenses	1,002			1,045			2,063			2,233
Total expenses	270,108			239,587			547,200			457,578
Income before income taxes	49,795			40,355			101,230			87,332
Income tax expense	10,956			9,385			20,333			19,578
Net income	$	38,839		$	30,970		$	80,897		$	67,754
Comprehensive income:
Net income	$	38,839		$	30,970		$	80,897		$	67,754
Other comprehensive income:
Unrealized gains and losses on investments:
Net change in unrealized gains (losses) on investments, net of tax	11,005			(1,451		)	23,260			(6,869		)
Reclassification adjustment for losses on securities no longer held, net of tax	(3,624		)	(406		)	(3,806		)	(1,314		)
Total other comprehensive income (loss)	7,381			(1,857		)	19,454			(8,183		)
Comprehensive income	$	46,220		$	29,113		$	100,351		$	59,571

Share and Per Share Data
($ in thousands, except share and per share amounts)	Three months ended June 30,						Six months ended June 30,
(unaudited)	2025			2024			2025			2024

Weighted average basic shares	40,445,391			39,177,457			40,322,051			39,142,825
Weighted average diluted shares	41,871,496			41,168,082			41,771,215			41,110,384

Basic earnings per share	$	0.96		$	0.79		$	2.01		$	1.73
Diluted earnings per share	$	0.93		$	0.75		$	1.94		$	1.65
Basic adjusted operating earnings per share	$	0.92		$	0.84		$	1.85		$	1.64
Diluted adjusted operating earnings per share	$	0.89		$	0.80		$	1.78		$	1.56

Annualized ROE ⁽¹⁾	17.7		%	17.5		%	19.1		%	19.6		%
Annualized adjusted ROE ⁽²⁾	17.0		%	18.7		%	17.6		%	18.5		%
Annualized ROTE ⁽³⁾	19.7		%	20.0		%	21.3		%	22.4		%
Annualized adjusted ROTE ⁽⁴⁾	18.9		%	21.3		%	19.6		%	21.2		%

							June 30			December 31
							2025			2024

Shares outstanding							40,486,656			40,127,908
Fully diluted shares outstanding							42,339,395			42,059,182

Book value per share							$	22.23		$	19.79
Fully diluted book value per share							$	21.25		$	18.88
Fully diluted tangible book value per share							$	19.16		$	16.80

⁽¹⁾ Annualized ROE is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period
⁽²⁾ Annualized adjusted ROE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period
⁽³⁾ Annualized ROTE is net income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders’ equity during the period
⁽⁴⁾ Annualized adjusted ROTE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders’ equity during the period

Skyward Specialty Insurance Group, Inc.
Reconciliation of Non-GAAP Financial Measures

Adjusted operating income – We define adjusted operating income as net income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. We use adjusted operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define adjusted operating income differently.

($ in thousands)	Three months ended June 30,												Six months ended June 30,
(unaudited)	2025						2024						2025						2024
	Pre-tax			After-tax			Pre-tax			After-tax			Pre-tax			After-tax			Pre-tax			After-tax
Income as reported	$	49,795		$	38,839		$	40,355		$	30,970		$	101,230		$	80,897		$	87,332		$	67,754
Less (add):
Net investment gains (losses)	3,205			2,500			(1,721		)	(1,360		)	10,039			8,023			6,582			5,200
Net impact of loss portfolio transfer	—			—			241			190			—			—			482			381
Other income (loss)	7			5			(7		)	(6		)	20			16			(7		)	(6		)
Other expenses	(1,002		)	(782		)	(1,045		)	(826		)	(2,063		)	(1,649		)	(2,233		)	(1,764		)
Adjusted operating income	$	47,585		$	37,116		$	42,887		$	32,972		$	93,234		$	74,507		$	82,508		$	63,943

Underwriting income – We define underwriting income as net income before income taxes excluding net investment income, net realized and unrealized gains and losses on investments, impairment charges, interest expense, amortization expense and other income and expenses. Underwriting income represents the pre-tax profitability of our underwriting operations and allows us to evaluate our underwriting performance without regard to investment income. We use this metric as we believe it gives our management and other users of our financial information useful insight into our underlying business performance. Underwriting income should not be viewed as a substitute for pre-tax income calculated in accordance with GAAP, and other companies may define underwriting income differently.

($ in thousands)	Three months ended June 30,					Six months ended June 30,
(unaudited)	2025		2024			2025		2024
Income before income taxes	$	49,795	$	40,355		$	101,230	$	87,332
Add:
Interest expense	1,876		2,449			3,710		5,176
Amortization expense	372		360			709		748
Other expenses	1,002		1,045			2,063		2,233
Less (Add):
Net investment income	18,589		22,034			37,927		40,331
Net investment gains (losses)	3,205		(1,721		)	10,039		6,582
Other income (loss)	7		(7		)	20		(7		)
Underwriting income	$	31,244	$	23,903		$	59,726	$	48,583

Tangible Stockholders’ Equity – We define tangible stockholders’ equity as stockholders’ equity less goodwill and intangible assets. Our definition of tangible stockholders’ equity may not be comparable to that of other companies and should not be viewed as a substitute for stockholders’ equity calculated in accordance with GAAP. We use tangible stockholders’ equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure.

($ in thousands)	June 30,				December 31,
(unaudited)	2025		2024		2024
Stockholders’ equity	$	899,915	$	723,620	$	793,999
Less: Goodwill and intangible assets	88,795		87,868			87,348
Tangible stockholders’ equity	$	811,120	$	635,752	$	706,651

Skyward Specialty Insurance Group, Inc. Gross Written Premiums by Underwriting Division (Unaudited)

	Three months ended June 30,							Six months ended June 30,
($ in thousands)	2025		2024		% Change			2025		2024		% Change
Accident & Health	$	60,489	$	44,088		37.2	%	$	123,658	$	84,989		45.5	%
Agriculture and Credit (Re)insurance	71,573		36,592			95.6	%	159,420		79,913			99.5	%
Captives	76,961		62,099			23.9	%	145,362		130,507			11.4	%
Construction & Energy Solutions	73,613		78,214			(5.9	)%	149,184		152,436			(2.1	)%
Global Property	83,992		88,231			(4.8	)%	130,678		145,543			(10.2	)%
Professional Lines	38,147		38,106			0.1	%	79,313		80,345			(1.3	)%
Specialty Programs	85,955		59,644			44.1	%	148,630		111,822			32.9	%
Surety	40,737		37,642			8.2	%	78,535		71,484			9.9	%
Transactional E&S	53,461		51,609			3.6	%	105,467		97,841			7.8	%
Total gross written premiums⁽¹⁾	$	584,928	$	496,225		17.9	%	$	1,120,247	$	954,880		17.3	%
⁽¹⁾ Excludes exited business

	Twelve months ended June 30,
($ in thousands)	2025		% of Total
Accident & Health	$	211,742		11.1	%
Agriculture and Credit (Re)insurance	197,578			10.4	%
Captives	256,757			13.5	%
Construction & Energy Solutions	293,329			15.4	%
Global Property	186,930			9.8	%
Professional Lines	158,753			8.3	%
Specialty Programs	255,215			13.4	%
Surety	151,016			7.9	%
Transactional E&S	197,296			10.3	%
Total gross written premiums⁽¹⁾	$	1,908,616		100.0	%
⁽¹⁾ Excludes exited business

The MIL Network –

July 31, 2025

MIL-OSI: Great Elm Capital Corp. (“GECC”) Schedules Second Quarter 2025 Earnings Release and Conference Call

Source: GlobeNewswire (MIL-OSI)

PALM BEACH GARDENS, Fla., July 30, 2025 (GLOBE NEWSWIRE) — Great Elm Capital Corp. (the “Company” or “GECC”) (NASDAQ: GECC), a business development company, today announced that it will release its financial results for the second quarter ended June 30, 2025, after the close of market trading on Monday, August 4, 2025. The results will be discussed in a conference call on Tuesday, August 5, 2025, at 8:30 a.m. ET.

Date/Time:	Tuesday, August 5, 2025 – 8:30 a.m. ET

Participant Dial-In Numbers:
(United States):	(877) 407-0789
(International):	(201) 689-8562

To access the call, please dial-in approximately five minutes before the start time and, when asked, provide the operator with passcode “GECC”. An accompanying slide presentation will be available in pdf format via the “Events and Presentations” section of Great Elm Capital Corp.’s website here after the issuance of the earnings release.

Webcast
The call and presentation will also be simultaneously webcast over the internet via the “Events and Presentations” section of GECC’s website or by clicking on the webcast link here.

About Great Elm Capital Corp.
GECC is an externally managed business development company that seeks to generate current income and capital appreciation by investing in debt and income generating equity securities, including investments in specialty finance businesses and CLOs. For additional information, please visit http://www.greatelmcc.com.

Media & Investor Contact:
Investor Relations
investorrelations@greatelmcap.com

Source: Great Elm Capital Corp.

The MIL Network –

July 31, 2025

MIL-OSI: Freehold Royalties Announces Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, July 30, 2025 (GLOBE NEWSWIRE) — Freehold Royalties Ltd. (Freehold or the Company) (TSX:FRU) announces second quarter results for the period ended June 30, 2025.

Second Quarter Highlights

$78 million in revenue;
$57 million in funds from operations ($0.35/share) ⁽¹⁾⁽²⁾;
$44 million in dividends paid ($0.27/share)⁽³⁾;
11,047 bbls/d of total crude oil and natural gas liquids (NGLs) production, a 4% increase from the previous quarter and a 13% increase year-over-year;
67% weighting to liquids, an increase from 64% in the second quarter of 2024;
16,584 boe/d of total production, a 2% increase from the previous quarter and a 9% increase year-over-year;
Gross drilling of 271 wells, comprised of 45 wells in Canada and 226 in the U.S.;
Continued active leasing program with 40 new leases signed during the second quarter of 2025 (34 in Canada; 6 in the U.S.) contributing revenue of $1.9 million and $5.8 million in the first half of 2025; and
$50.36/boe average realized price ($57.83/boe in the U.S. and $44.23/boe in Canada);
- 31% pricing premium on Freehold’s U.S. production reflecting higher liquids weighting, higher quality crude oil and reduced transportation costs.

President’s Message

Freehold’s second quarter production of 16,584 boe/d increased 2% compared to last quarter and 9% from the second quarter of 2024. Our U.S. assets delivered meaningful production growth of 7% over the first quarter of 2025. Supporting this growth has been improvements in well productivity where recent new well results in both the Permian and Eagle Ford basins have demonstrated production rates more than double those of the offsetting area type curves as operators continue to enhance drilling and completion approaches. Specific to our second quarter results, this productivity increase was paired with a series of higher royalty interest developments which magnified the production impact on the quarter. In Canada, we continue to see operators focusing capital on our oil weighted plays in Mannville heavy oil, the Clearwater and southeast Saskatchewan. These three oil plays represent approximately 30% of our Canadian production and volumes have grown 10% since the second quarter of 2024 through active drilling by multiple operators on our lands in these areas.

Our oil focused portfolio, underpinned by investment grade operators in premier basins across North America, delivered $57 million in funds from operations in the quarter, or $0.35/share⁽¹⁾⁽²⁾. Oil prices in the second quarter were at the lowest benchmark WTI oil price since the first quarter of 2021. For reference, our funds from operations in the first quarter of 2021 was $0.25/share – this quarter we are 40% higher, confirming the impact that Freehold’s strategic focus on growing its high quality, liquids weighted assets has had over the past four years.

Bonus and leasing revenue remained strong generating $1.9 million during the quarter and $5.8 million in the first half of 2025. This $5.8 million represents a 50% increase from the Company’s previous record levels of lease bonus which occurred over the full year in 2018. This record level of leasing revenue has been driven by active leasing of the mineral title lands we have been acquiring in the U.S. as well as continued leasing of our legacy mineral title lands in Canada.

In total, we paid $44 million in dividends to our shareholders this quarter while maintaining the strength of our balance sheet with net debt of $271 million, representing 1.1x trailing net debt to funds from operations⁽²⁾⁽⁵⁾. We invested approximately $12 million in land acquisitions this quarter, purchasing undeveloped mineral title lands in the core of the Midland and Delaware basins.

David M. Spyker, President and Chief Executive Officer

Operating and Financial Highlights

	Three Months Ended
FINANCIAL ($ millions, except as noted)	Q2-2025	Q1-2025	Q2-2024
West Texas Intermediate (US$/bbl)	63.74	71.42	80.57
AECO 5A Monthly Index (Cdn$/Mcf)	1.69	2.17	1.18
Royalty and other revenue	78.3	91.1	84.5
Funds from operations	56.6	68.1	59.6
Funds from operations per share, basic ($) ⁽¹⁾⁽²⁾	0.35	0.42	0.40
Dividends paid per share ($) ⁽³⁾	0.27	0.27	0.27
Dividend payout ratio (%) ⁽²⁾	78%	65%	68%
Long-term debt	292.6	294.3	228.0
Net debt ⁽⁵⁾	270.6	272.2	199.1
Net debt to trailing funds from operations (times) ⁽⁵⁾	1.1x	1.1x	0.8x
OPERATING
Total production (boe/d) ⁽⁴⁾	16,584	16,248	15,221
Canadian production (boe/d)⁽⁴⁾	9,104	9,278	9,622
U.S. production (boe/d)⁽⁴⁾	7,480	6,970	5,599
Oil and NGL (%)	67%	65%	64%
Petroleum and natural gas realized price ($/boe) ⁽⁴⁾	50.36	59.29	59.74
Cash costs ($/boe) ⁽²⁾⁽⁴⁾	7.38	7.00	9.80
Netback ($/boe) ⁽²^{) (4)}	42.68	53.01	49.44
ROYALTY INTEREST DRILLING (gross / net)
Canada	45 / 1.1	92 / 3.9	65 / 2.1
U.S.	226 / 0.6	230 / 0.8	209 / 1.0

^{(1) Calculated based on the basic weighted average number of shares outstanding during the period}
^{(2) See Non-GAAP and Other Financial Measures}
^{(3) Based on the number of shares issued and outstanding at each record date}
^{(4) See Conversion of Natural Gas to Barrels of Oil Equivalent (boe)}
^{(5) Net debt and net debt to trailing funds from operations are capital management measures. See Non-GAAP and Other Financial Measures.}

Dividend Announcement

The board of directors of Freehold has declared a monthly dividend of $0.09 per share to be paid on September 15, 2025, to shareholders of record on August 29, 2025. The dividend is designated as an eligible dividend for Canadian income tax purposes.

Drilling and Leasing Activity

In total, 271 gross wells (1.7 net wells) were drilled on Freehold’s royalty lands during the second quarter of 2025, a decrease of 16% compared to the previous quarter primarily due to the impact of spring break-up in Canada.

Drilling was oil focused with approximately 17% of gross wells drilled in Canada and 83% in the U.S.

	Three Months Ended
	Q2-2025		Q1-2025		Q2-2024
	Gross	Net ⁽¹⁾	Gross	Net ⁽¹⁾	Gross	Net ⁽¹⁾
Canada	45	1.1	92	3.9	65	2.1
United States	226	0.6	230	0.8	209	1.0
Total	271	1.7	322	4.7	274	3.1

^{(1) Equivalent net wells are aggregate of the numbers obtained by multiplying each gross well by our royalty interest percentage; U.S. wells on Freehold’s lands generally come on production at approximately 10 times the volume that of an average Canadian well in our portfolio.}

Canada

Canadian drilling was down compared to the previous quarter primarily due to the impact of spring break-up and weaker AECO prices curtailing natural gas activity. Drilling during the second quarter was focused on our crude oil plays including the Clearwater (8 gross wells), southeast Saskatchewan (8 gross wells), and Mannville heavy oil (6 gross wells). Licencing activity remained consistent with 2024 on a year-to-date basis. In conjunction with improving sentiment on Canadian natural gas pricing with LNG Canada starting up, 22 wells have been licensed on our Deep Basin/Montney lands in the first half of 2025 (a significant increase from nine licenses in the first half of 2024).

During the second quarter of 2025, Freehold entered into 34 new leases with 10 counterparties totalling approximately $0.7 million in bonus and lease rental revenue. The majority of the new leasing was in southeast Saskatchewan.

U.S.

During the second quarter of 2025, 226 gross (0.6 net) wells were drilled on our U.S. lands. Approximately 86% of second quarter drilling was in the Permian basin and 13% in the Eagle Ford basin. At the end of the second quarter of 2025, Freehold had 2.2 net drilled but uncompleted wells and 2.4 net wells permitted but not yet drilled.

Initial production for U.S. wells is approximately ten times that of an average Canadian well in the Company’s portfolio, making equivalent net well additions much more meaningful in the U.S. compared to Canada. However, a U.S. well can take upwards of six to twelve months on average from initial permit to first production, compared to three to four months in Canada.

During the second quarter of 2025, Freehold entered into six new U.S. leases with four counterparties, totalling $1.2 million of bonus and lease rental revenue. Leasing activity was primarily in the Permian basin.

Conference Call Details

A webcast to discuss financial and operational results for the period ended June 30, 2025, will be held for the investment community on Thursday July 31, 2025, beginning at 7:00 AM MT (9:00 AM ET).

A live audio webcast will be accessible through the link below and on Freehold’s website under “Events & Presentations” on Freehold’s website at www.freeholdroyalties.com. To participate in the conference call, you can register using the following link: Live Audio Webcast URL: https://edge.media-server.com/mmc/p/6t37memx.

A dial-in option is also available and can be accessed by dialing 1-800-806-5484 (toll-free in North America) participant passcode is 8979321#.

For further information contact

Select Quarterly Information

	2025		2024				2023
Financial ($millions, except as noted)	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3
Royalty and other revenue	78.3	91.1	76.9	73.9	84.5	74.3	80.1	84.2
Net Income (loss)	6.2	37.3	51.1	25.0	39.3	34.0	34.3	42.3
Per share, basic ($) ⁽¹⁾	0.04	0.23	0.33	0.17	0.26	0.23	0.23	0.28
Cash flows from operations	57.4	62.9	59.1	64.1	47.6	52.5	70.7	53.7
Funds from operations	56.6	68.1	61.3	55.7	59.6	54.4	62.8	65.3
Per share, basic ($) ⁽¹⁾⁽³⁾	0.35	0.42	0.40	0.37	0.40	0.36	0.42	0.43
Acquisitions & related expenditures	15.2	13.9	277.0	1.8	11.5	121.5	2.1	1.2
Dividends paid	44.3	44.3	40.7	40.7	40.7	40.7	40.7	40.7
Per share ($) ⁽²⁾	0.27	0.27	0.27	0.27	0.27	0.27	0.27	0.27
Dividends declared	44.3	44.3	41.9	40.7	40.7	40.7	40.7	40.7
Per share ($) ⁽²⁾	0.27	0.27	0.27	0.27	0.27	0.27	0.27	0.27
Dividend payout ratio (%) ⁽³⁾	78%	65%	66%	73%	68%	75%	65%	62%
Long-term debt	292.6	294.3	300.9	205.8	228.0	223.6	123.0	141.2
Net debt ⁽⁵⁾⁽⁶⁾	270.6	272.2	282.3	187.1	199.1	210.5	100.9	113.4
Shares outstanding, period end (000s)	164.0	164.0	164.0	150.7	150.7	150.7	150.7	150.7
Average shares outstanding, basic (000s) ⁽⁷⁾	164.0	164.0	153.4	150.7	150.7	150.7	150.7	150.7
Operating
Light and medium oil (bbl/d)	6,940	6,880	6,296	6,080	6,551	6,094	6,308	6,325
Heavy oil (bbl/d)	1,557	1,552	1,516	1,315	1,348	1,300	1,182	1,127
NGL (bbl/d)	2,550	2,203	2,066	1,972	1,902	1,884	1,878	1,678
Total liquids (bbl/d)	11,047	10,635	9,878	9,367	9,801	9,278	9,368	9,130
Natural gas (Mcf/d)	33,220	33,678	32,564	31,447	32,524	32,617	32,968	32,851
Total production (boe/d) ⁽⁴⁾	16,584	16,248	15,306	14,608	15,221	14,714	14,863	14,605
Oil and NGL (%)	67%	65%	65%	64%	64%	63%	63%	63%
Petroleum & natural gas realized price ($/boe) ⁽⁴⁾	50.36	59.29	53.80	54.36	59.74	54.81	57.94	61.55
Cash costs ($/boe) ⁽³⁾⁽⁴⁾	7.38	7.00	5.93	5.42	9.80	7.19	4.73	5.10
Netback ($/boe) ⁽³⁾⁽⁴⁾	42.68	53.01	47.25	47.78	49.44	46.62	52.59	55.63
Benchmark Prices
West Texas Intermediate crude oil (US$/bbl)	63.74	71.42	70.27	75.09	80.57	76.96	78.32	82.26
Exchange rate (Cdn$/US$)	1.38	1.43	1.40	1.37	1.37	1.35	1.36	1.34
Edmonton Light Sweet crude oil (Cdn$/bbl)	84.25	95.32	94.90	97.85	105.29	92.14	99.69	107.89
Western Canadian Select crude oil (Cdn$/bbl)	73.96	84.30	80.75	83.95	91.63	77.77	76.96	93.05
Nymex natural gas (US$/Mcf)	3.57	3.79	2.86	2.24	1.96	2.33	2.98	2.64
AECO 5A Monthly Index (Cdn$/Mcf)	1.69	2.17	1.48	0.69	1.18	1.80	2.60	1.88

^{(1) Calculated based on the basic weighted average number of shares outstanding during the period}
^{(2) Based on the number of shares issued and outstanding at each record date}
^{(3) See Non-GAAP and Other Financial Measures}
^{(4) See Conversion of Natural Gas to Barrels of Oil Equivalent (boe)}
^{(5) The 2023 reported balances have been restated due to the retrospective adoption of IAS 1 (see note 3d of December 31, 2024 audited consolidated financial statements)}
^{(6) Net debt is a capital management measures; see Non-GAAP and Other Financial Measures}
^{(7) Weighted average number of shares outstanding during the period, basic}

Forward-Looking Statements

This news release offers our assessment of Freehold’s future plans and operations as of July 30, 2025, and contains forward-looking statements that we believe allow readers to better understand our business and prospects. These forward-looking statements include our expectations for the following:

our expectations with the improving sentiment on Canadian natural gas pricing with LNG Canada starting up;
our expectations regarding improvements in well productivity where recent new well results in both the Permian and Eagle Ford basins have demonstrated production rates more than double those of the offsetting area type curves as operators continue to enhance drilling and completion approaches;
our expectation that in Canada operators will continue to focus capital on our oil weighted plays of the Mannville Stack, the Clearwater and southeast Saskatchewan;
our expectation that U.S. wells typically come on production at approximately ten times that of an average Canadian well in the Company’s portfolio, making net well additions much more valuable in the U.S. compared to Canada;
our expectations that a U.S. well can take upwards of six to twelve months on average from initial license to first production, compared to three to four months in Canada; and
other similar statements.

By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond our control, including general economic conditions, volatility in market prices for crude oil, NGL and natural gas, risks and impacts of tariffs (or other retaliatory trade measures) imposed by Canada or the U.S. (or other countries) on exports and/or imports into and out of such countries, inflation and supply chain issues, the impacts of the ongoing Middle-East conflicts, Russia-Ukraine war (and any associated sanctions) and actions taken by OPEC+ on the global economy and commodity prices, geopolitical instability, political instability, industry conditions, volatility of commodity prices, future production levels, future capital expenditure levels, currency fluctuations, imprecision of reserve estimates, royalties, environmental risks, taxation, regulation, changes in tax or other legislation, competition from other industry participants, inaccurate assumptions on supply and demand factors affecting the consumption of crude oil, NGLs and natural gas, inaccurate expectations for industry drilling levels on our royalty lands, the failure to complete acquisitions on the timing and terms expected, the failure to satisfy conditions of closing for any acquisitions, the lack of availability of qualified personnel or management, stock market volatility, our inability to come to agreement with third parties on prospective opportunities and the results of any such agreement and our ability to access sufficient capital from internal and external sources. Risks are described in more detail in our Annual Information Form for the year-ended December 31, 2024, available at www.sedarplus.ca.

With respect to forward-looking statements contained in this news release, we have made assumptions regarding, among other things, future commodity prices, future capital expenditure levels, future production levels, future exchange rates, future tax rates, future legislation, the cost of developing and producing our assets, the quality of our counterparties and the plans thereof, our ability and the ability of our lessees to obtain equipment in a timely manner to carry out development activities, our ability to market our oil and gas successfully to current and new customers, the performance of current wells and future wells drilled by our royalty payors, our expectation for the consumption of crude oil and natural gas, our expectation for industry drilling levels, our expectation for completion of wells drilled, our ability to obtain financing on acceptable terms, shut-in production, production additions from our audit function, our ability to execute on prospective opportunities and our ability to add production and reserves through development and acquisition activities. Additional operating assumptions with respect to the forward-looking statements referred to above are detailed in the body of this news release.

You are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Our actual results, performance, or achievement could differ materially from those expressed in, or implied by, these forward-looking statements. We can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits we will derive from them. The forward-looking information contained in this document is expressly qualified by this cautionary statement. To the extent any guidance or forward-looking statements herein constitute a financial outlook, they are included herein to provide readers with an understanding of management’s plans and assumptions for budgeting purposes and readers are cautioned that the information may not be appropriate for other purposes. Our policy for updating forward-looking statements is to update our key operating assumptions quarterly and, except as required by law, we do not undertake to update any other forward-looking statements.

You are further cautioned that the preparation of financial statements in accordance with International Financial Reporting Standards (IFRS), which are the Canadian generally accepted accounting principles (GAAP) for publicly accountable enterprises, requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates may change, having either a positive or negative effect on net income, as further information becomes available and as the economic environment changes.

To the extent any guidance or forward-looking statements herein constitutes a financial outlook, they are included herein to provide readers with an understanding of management’s plans and assumptions for budgeting purposes and readers are cautioned that the information may not be appropriate for other purposes. You are further cautioned that the preparation of financial statements in accordance with IFRS requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates may change, having either a positive or negative effect on net income, as further information becomes available and as the economic environment changes.

Conversion of Natural Gas to Barrels of Oil Equivalent (BOE)

To provide a single unit of production for analytical purposes, natural gas production and reserves volumes are converted mathematically to equivalent barrels of oil (boe). We use the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). The 6:1 boe ratio is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on either energy content or current prices. While the boe ratio is useful for comparative measures and observing trends, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value.

Non-GAAP and Other Financial Measures

Within this news release, references are made to terms commonly used as key performance indicators in the oil and gas industry, which do not have any standardized means prescribed by Canadian generally accepted accounting principles (GAAP). We believe that net revenue, netback, dividend payout ratio, funds from operations per share and cash costs are useful non-GAAP financial measures and ratios for management and investors to analyze operating performance, financial leverage, and liquidity, and we use these terms to facilitate the understanding and comparability of our results of operations. However, these as terms do not have any standardized meanings prescribed by GAAP, such terms may not be comparable with the calculations of similar measures for other entities. This news release also contains the capital management measures net debt and net debt to trailing funds from operations, as defined in note 14 to the unaudited consolidated financial statements as at and for the three months ended June 30, 2025.

Net revenue, which is calculated as revenues less ad valorem and production taxes (as incurred in the U.S. at the state level, largely Texas, which do not charge corporate income taxes but do assess flat tax rates on commodity revenues in addition to property tax assessments) details the net amount Freehold receives from its royalty payors, largely after state withholdings.

The netback, which is also calculated on a boe basis, as average realized price less production and ad valorem taxes, operating expenses, general and administrative expense, cash-based management fees, cash-based interest charges and share-based payouts, represents the per boe netback amount which allows us to benchmark how changes in commodity pricing, net of production and ad valorem taxes, and our cash-based cost structure compare against prior periods.

Cash costs, which is calculated on a boe basis, is comprised by the recurring cash-based costs, excluding taxes, reported on the statements of operations. For Freehold, cash costs are identified as operating expense, general and administrative expense, cash-based interest charges, cash-based management fees and share-based compensation payouts. Cash costs allow Freehold to benchmark how changes in its manageable cash-based cost structure compare against prior periods.

The following table presents the computation of Net Revenue, Cash costs and the Netback:

$/boe	Q2-2025	Q1-2025	Q2-2024
Royalty and other revenue	51.87	62.29	60.99
Production and ad valorem taxes	(1.81)	(2.28)	(1.75)
Net revenue	$50.06	$60.01	$59.24
Less:
General and administrative expense	(2.79)	(3.41)	(2.86)
Operating expense	(0.13)	(0.13)	(0.24)
Interest and financing cash expense	(2.95)	(3.31)	(2.87)
Management fee-cash settled	(0.01)	(0.05)	(0.05)
Cash payout on share-based compensation	(1.50)	(0.10)	(3.78)
Cash costs	(7.38)	(7.00)	($9.80)
Netback	$42.68	$53.01	$49.44

Dividend payout ratios are often used for dividend paying companies in the oil and gas industry to identify dividend levels in relation to funds from operations that are also used to finance debt repayments and/or acquisition opportunities. Dividend payout ratio is a supplementary measure and is calculated as dividends paid as a percentage of funds from operations.


($000s, except as noted)	Q2-2025	Q1-2025	Q2-2024
Dividends paid	$44,270	$44,269	$40,686
Funds from operations	$56,600	$68,050	$59,569
Dividend payout ratio (%)	78%	65%	68%

Funds from operations per share, which is calculated as funds from operations divided by the weighted average shares outstanding during the period, provides direction if changes in commodity prices, cash costs, and/or acquisitions were accretive on a per share basis. Funds from operations per share is a supplementary measure.

The MIL Network –

July 31, 2025

MIL-OSI: Eos Energy Enterprises Delivers Record Quarterly Revenue Nearly Equivalent to Full Year 2024, Reports Second Quarter 2025 Financial Results and Reaffirms 2025 Revenue Outlook

Source: GlobeNewswire (MIL-OSI)

$15.2 million revenue, highest in Company history and nearly equivalent to full year 2024
Z3 customer system performance, averaging nearly 88% RTE across multiple cycles and peaking at 89.5% on its highest individual cycle
Closed $336 million in concurrent offerings of common stock and convertible senior notes, strengthening the Company’s balance sheet and creating enhanced financial flexibility
Received $22.7 million for its second loan advance from the Department of Energy’s (DOE) Loan Programs Office, totaling $91 million in funding since November 2024 loan closing
Extended its 26.5% convertible senior notes maturity to September 30, 2034, and reduced interest rate from 26.5% to 7.0%, beginning on June 30, 2026
$18.8 billion commercial pipeline increased $3.2 billion vs. prior quarter led by over 10 GWh submitted to the UK Cap & Floor scheme, 15% sequential growth in 8-hour plus duration projects
Continuing capacity expansion: sub-assembly automation ramping in third quarter while second state-of-the-art manufacturing line on order
One Big Beautiful Bill Act (OBBBA) preserves manufacturing production tax credits with full stackability and transferability through 2029; Eos domestic content exceeds FEOC requirements for customer ITC
Reaffirms 2025 full year revenue guidance range of $150 million – $190 million

EDISON, N.J., July 30, 2025 (GLOBE NEWSWIRE) — Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos” or the “Company”) is an American energy company and the leading innovator in designing, sourcing, manufacturing, and providing zinc-based battery energy storage systems (BESS) manufactured in the United States, today announced its financial results for the second quarter ended June 30, 2025.

Second Quarter Highlights

Record quarterly revenue of $15.2 million, a 46% increase compared to the prior quarter and up 17x from the same period last year, driven by increased production volumes. Factory shipments increased 122% quarter-over-quarter, with 50% of the production volume delivered for a strategic customer project.
Gross loss of $31.0 million, a 32-point margin improvement from the prior quarter, driven by increased production volumes and operational efficiencies partially offset by one-time lower than average selling prices.
Operating expenses totaled $32.9 million, a decrease from prior quarter excluding $5.4 million in one-time non-recurring items.
$222.9 million net loss attributable to shareholders driven by $151.8 million non-cash changes in fair value tied to mark-to-market adjustments related to the Company’s increased stock price as of June 30, 2025, loss recorded for the repurchase of the Company’s outstanding 2026 convertible notes, and loss recorded as part of the prepayment under the Delayed Draw Term Loan.
Adjusted EBITDA loss of $51.6 million, a 75-point margin improvement from prior quarter, driven by improved gross margins and operational leverage.
Total cash of $183.2 million, including restricted cash, as of June 30, 2025.
Commercial opportunity pipeline of $18.8 billion, an increase of 21% compared to prior quarter and 37% compared to June 30, 2024, with a $672.5 million orders backlog.

“The team delivered our strongest operational quarter to date – production scaled rapidly prior to subassembly fully coming online, revenue nearly surpassed all of 2024, and Z3 customer field data has been outperforming its initial product specifications for round trip efficiency,” said Joe Mastrangelo, Eos Chief Executive Officer. “We’ve made significant progress in advancing our commercial pipeline, while improving our operating performance. We are continuing to expand our manufacturing capacity to provide our customers with the confidence in Eos’ ability to deliver large scale projects.”

2025 Outlook

For the full year 2025, Eos continues to expect revenue between $150 million and $190 million. Less than two years ago, the Company initiated its manufacturing expansion plan. Last year, it successfully launched its first state-of-the-art manufacturing line with battery modules being produced every 10 seconds. To further increase capacity and drive cost reductions, Eos is now implementing subassembly automation which should more than double the throughput of the battery module line. Together, these two programs allow the Company to ramp production in the second half of 2025 to an annualized rate of 2 GWh per year.

Recent Business Highlights

Commercial Growth
Macro-level trends are driving a secular shift in power demand, with industries such as artificial intelligence and data centers accelerating the need for resilient, scalable energy infrastructure. Meeting this demand will require a diverse mix of energy solutions, and Eos is well-positioned to be a key contributor to America’s energy independence. In the second quarter, the Company added $3.2 billion to its commercial pipeline, bringing the total to $18.8 billion, representing 77 GWh of energy storage capacity with approximately 20% of it being connected to the build out of data centers.

Eos continues to advance three large Memorandum of Understanding (MOUs) totaling 6.2 GWh along with several emerging large-scale opportunities. Early in the quarter, Eos signed a 5 GWh MOU with Frontier Power, a leading UK developer of energy infrastructure. Since then, Frontier has submitted over 10 GWh of projects using Eos technology to the UK’s Cap and Floor scheme — more than double the original commitment — highlighting strong UK demand for 8-hour plus storage.

More than half of Eos’ pipeline is now stand-alone energy storage projects as system operators increasingly look for solutions that manage grid volatility, ease congestion, and minimize curtailment across all types of power generating assets. Crucially, stand-alone storage remains fully eligible under Section 48E of the Investment Tax Credit (ITC) under the OBBBA. With over 90% domestic content, Eos is strongly positioned to meet evolving Foreign Entity of Concern (FEOC) requirements offering customers both energy security and the ability to maximize domestic energy incentives.

Enhanced Liquidity to Accelerate Growth
During the quarter, Eos executed and closed $336 million in concurrent offerings of common stock and convertible senior notes. The offerings were significantly oversubscribed, demonstrating strong investor confidence in Eos’ growth potential and progress against its strategic plan. These transformative transactions mark a critical inflection point that unlock the financial flexibility required to scale operations and meet long duration energy storage demand.

The offerings also allowed the Company to restructure key portions of its debt, materially lowering its cost of capital while strengthening its balance sheet, with the overall transaction resulting in approximately $400 million in savings over the prior terms of the Company’s debt.

Post quarter end, the Company also extended the maturity of its 26.5% convertible senior notes to September 30, 2034, and reduced the interest rate from 26.5% to 7.0% beginning on June 30, 2026. At the same time, an affiliate of Cerberus Capital Management, L.P. (“Cerberus”) granted a no-penalty extension until and through October 31, 2025, for the Company to achieve the last cash receipt milestone under its Delayed Draw Term Loan. This is the last outstanding performance milestone under the Delayed Draw Term Loan facility.

Earnings Conference Call and Webcast
Eos will host a conference call to discuss its second quarter 2025 results on July 31, 2025, at 8:30 a.m. ET. The live webcast of the earnings call will be available on the “Investor Relations” page of the Company’s website at Eos Investors or may be accessed using this link (registration link). To avoid delays, we encourage participants to join the conference call fifteen minutes ahead of the scheduled start time.

The conference call will be available via webcast through Eos’ investor relations website for twelve months following the live presentation. The webcast replay will be available from approximately 11:30 a.m. ET on July 31, 2025, and can be accessed by visiting Eos Investors.

About Eos Energy Enterprises

Eos is accelerating the shift to American energy independence with positively ingenious solutions that transform how the world stores power. The Company’s BESS features the innovative Znyth™ technology, a proven chemistry with readily available non-precious earth components, that is the pre-eminent safe, non-flammable, secure, stable, and scalable alternative to conventional lithium-ion technology. The Company’s BESS is ideal for utility-scale, microgrid, commercial, and industrial long-duration energy storage applications (i.e., 4 to 16+ hours), and provides customers with significant operational flexibility to effectively address current and future increased grid demand and complexity. For more information about Eos (NASDAQ: EOSE), visit eose.com.

Forward Looking Statements

Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our expected revenue, for the fiscal years December 31, 2025, our path to profitability and strategic outlook, statements regarding orders backlog and opportunity pipeline, statements regarding our expectation that we can continue to increase product volume on our state-of-the-art manufacturing line, statements regarding our future expansion and its impact on our ability to scale up operations, statements regarding our expectation that we can continue to strengthen our overall supply chain, statements regarding our expectation that our new comprehensive insurance program will provide increased operational and economic certainty, statements that refer to the delayed draw term loan with Cerberus, milestones thereunder and the anticipated use of proceeds, statements that refer to outlook, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are based on our management’s beliefs, as well as assumptions made by, and the information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected.

Factors which may cause actual results to differ materially from current expectations include, but are not limited to: changes adversely affecting the business in which we are engaged; our ability to forecast trends accurately; our ability to generate cash, service indebtedness and incur additional indebtedness; our ability to achieve the operational milestones on the delayed draw term loan; our ability to raise financing in the future; risks associated with the credit agreement with Cerberus, including risks of default, dilution of outstanding Common Stock, consequences for failure to meet milestones and contractual lockup of shares; our customers’ ability to secure project financing; the amount of final tax credits available to our customers or to Eos pursuant to the Inflation Reduction Act; the timing and availability of future funding under the Department of Energy Loan Facility; our ability to continue to develop efficient manufacturing processes to scale and to forecast related costs and efficiencies accurately; fluctuations in our revenue and operating results; competition from existing or new competitors; our ability to convert firm order backlog and pipeline to revenue; risks associated with security breaches in our information technology systems; risks related to legal proceedings or claims; risks associated with evolving energy policies in the United States and other countries and the potential costs of regulatory compliance; risks associated with changes to the U.S. trade environment; our ability to maintain the listing of our shares of common stock on NASDAQ; our ability to grow our business and manage growth profitably, maintain relationships with customers and suppliers and retain our management and key employees; risks related to the adverse changes in general economic conditions, including inflationary pressures and increased interest rates; risk from supply chain disruptions and other impacts of geopolitical conflict; changes in applicable laws or regulations; the possibility that Eos may be adversely affected by other economic, business, and/or competitive factors; other factors beyond our control; risks related to adverse changes in general economic conditions; and other risks and uncertainties.

The forward-looking statements contained in this press release are also subject to additional risks, uncertainties, and factors, including those more fully described in the Company’s most recent filings with the Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Further information on potential risks that could affect actual results will be included in the subsequent periodic and current reports and other filings that the Company makes with the Securities and Exchange Commission from time to time. Moreover, the Company operates in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could have an impact on the forward-looking statements contained in this press release.

Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise

Key Metrics

Backlog. Our backlog represents the amount of revenue that we expect to realize from existing agreements with our customers for the sale of our battery energy storage systems and performance of services. The backlog is calculated by adding new orders in the current fiscal period to the backlog as of the end of the prior fiscal period and then subtracting the shipments in the current fiscal period. If the amount of an order is modified or cancelled, we adjust orders in the current period and our backlog accordingly, but do not retroactively adjust previously published backlogs. There is no comparable US-GAAP financial measure for backlog. We believe that the backlog is a useful indicator regarding the future revenue of our Company.

Pipeline. Our pipeline represents projects for which we have submitted technical proposals or non-binding quotes plus letters of intent (“LOI”) or firm commitments from customers. Pipeline does not include lead generation projects.

Booked Orders. Booked orders are orders where we have legally binding agreements with a Purchase Order (“PO”), or Master Supply Agreement (“MSA”) executed by both parties.

Non-GAAP Financial Measures

To provide investors with additional information regarding our financial results, we have disclosed in this earnings release non-GAAP financial measures, including adjusted EBITDA and adjusted EPS, which are non-GAAP financial measures as defined under the rules of the SEC. These non-GAAP financial measures should be considered supplemental to, not a substitute for, or superior to, the financial measures of the Company’s calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company believes adjusted EBITDA, and adjusted EPS are useful measures in evaluating its financial and operational performance distinct and apart from financing costs, certain non-cash expenses and non-operational expenses.

We believe that non-GAAP financial information, when taken collectively may be helpful to our investors in assessing its operating performance. There are a number of limitations related to the use of these non-GAAP financial measures and their nearest GAAP equivalents. For example, the Company’s definitions of non-GAAP financial measures may differ from non-GAAP financial measures used by other companies. Below is a description of the non-GAAP financial information included herein as well as reconciliations to the most directly comparable GAAP measure. You should review the reconciliations below but not rely on any single financial measure to evaluate our business.

Adjusted EBITDA is defined as earnings (net loss) attributable to Eos adjusted for interest expense, income tax, depreciation and amortization, non-cash stock-based compensation expense, change in fair value of debt and derivatives, debt extinguishment, and other non-cash or non-recurring items as determined by management which it does not believe to be indicative of its underlying business trends. Adjusted EPS is defined as GAAP net loss per common share as adjusted for non-cash stock-based compensation expense change in fair value of debt and derivatives and debt extinguishment per common share.

EOS ENERGY ENTERPRISES, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except share and per share amounts)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Revenue	$	15,236		$	898		$	25,693		$	7,499
Cost of goods sold		46,189			14,121			81,185			42,350
Gross profit (loss)		(30,953	)		(13,223	)		(55,492	)		(34,851	)
Operating expenses
Research and development expenses		7,201			4,250			14,038			9,450
Selling, general and administrative expenses		25,488			11,293			46,483			25,535
Loss from write-down of property, plant and equipment		205			271			766			336
Total operating expenses		32,894			15,814			61,287			35,321
Operating Loss		(63,847	)		(29,037	)		(116,779	)		(70,172	)
Other (expense) income
Interest expense, net		(2,129	)		(3,515	)		(2,293	)		(7,782	)
Interest expense – related party		(4,510	)		(4,912	)		(10,291	)		(9,763	)
Change in fair value of debt – related party		31,615			(240	)		25,682			(240	)
Change in fair value of warrants		(57,936	)		(7,941	)		(12,011	)		(5,041	)
Change in fair value of derivatives – related parties		(76,455	)		(47,727	)		(41,869	)		(47,193	)
(Loss) gain on debt extinguishment		(49,063	)		68,478			(49,063	)		68,478
Other expense		(606	)		(3,270	)		(1,166	)		(3,134	)
Loss before income taxes	$	(222,931	)	$	(28,164	)	$	(207,790	)	$	(74,847	)
Income tax expense		6			8			11			33
Net Loss attributable to shareholders	$	(222,937	)	$	(28,172	)	$	(207,801	)	$	(74,880	)
Remeasurement of Preferred Stock – related party		(21,385	)		(23,671	)		58,612			(23,671	)
Down round deemed dividend		(4,456	)		—			(4,456	)		—
Net Loss attributable to common shareholders	$	(248,778	)	$	(51,843	)	$	(153,645	)	$	(98,551	)
Other Comprehensive Loss
Change in fair value of debt – credit risk – related party	$	(6,224	)	$	—		$	(6,224	)	$	—
Foreign currency translation adjustment		14			1			21			(4	)
Comprehensive Loss attributable to common shareholders	$	(254,988	)	$	(51,842	)	$	(159,848	)	$	(98,555	)

Basic and diluted Loss per share attributable to common shareholders
Basic	$	(1.05	)	$	(0.25	)	$	(0.66	)	$	(0.48	)
Diluted	$	(1.05	)	$	(0.25	)	$	(0.66	)	$	(0.48	)

Weighted average shares of common stock
Basic		237,741,328			211,137,189			231,616,540			206,225,126
Diluted		237,741,328			211,137,189			231,616,540			206,225,126

EOS ENERGY ENTERPRISES, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

	June 30, 2025			December 31, 2024
Balance sheet data
Cash and cash equivalents	$	120,225		$	74,292
Other current assets	$	112,052		$	105,620
Property, plant and equipment, net	$	75,533		$	45,660
Other assets	$	53,185		$	34,746
Total assets	$	360,995		$	260,318
Total liabilities	$	931,693		$	842,085
Mezzanine equity – preferred stock	$	532,269		$	488,696
Total deficit	$	(1,102,967	)	$	(1,070,463	)

EOS ENERGY ENTERPRISES, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, except share and per share amounts)

	Six Months Ended June 30,
		2025			2024
Net cash used in operating activities	$	(95,046	)	$	(66,807	)
Net cash used in investing activities		(11,959	)		(10,299	)
Net cash provided by financing activities		186,820			50,024
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(2	)		(6	)
Net increase (decrease) in cash, cash equivalents and restricted cash		79,813			(27,088	)
Cash, cash equivalents and restricted cash, beginning of the period		103,362			84,667
Cash, cash equivalents and restricted cash, end of the period	$	183,175		$	57,579

EOS ENERGY ENTERPRISES, INC.

UNAUDITED RECONCILIATION OF NET LOSS TO EBITDA LOSS AND ADJUSTED EBITDA LOSS

(In thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Net loss	$	(222,937	)	$	(28,172	)	$	(207,801	)	$	(74,880	)
add: Interest expense		6,639			8,427			12,584			17,545
add: Income tax expense		6			8			11			33
add: Depreciation and amortization		2,935			1,371			5,615			2,568
EBITDA loss		(213,357	)		(18,366	)		(189,591	)		(54,734	)
add: Stock based compensation		7,127			1,857			14,701			4,798
add: Change in fair value of derivatives		134,390			55,668			53,880			52,234
(deduct) add: Change in fair value of debt		(31,615	)		240			(25,682	)		240
add (deduct): (Gain) loss on debt extinguishment		49,063			(68,478	)		49,063			(68,478	)
add: Other non-cash or non-recurring		2,766			—			2,766			—
Adjusted EBITDA loss	$	(51,626	)	$	(29,079	)	$	(94,863	)	$	(65,940	)

EOS ENERGY ENTERPRISES, INC.

UNAUDITED RECONCILIATION OF NET LOSS TO ADJUSTED NET LOSS PER SHARE

(In thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Net loss attributable to common shareholders	$	(248,778	)	$	(51,843	)	$	(153,645	)	$	(98,551	)
add: Stock based compensation		7,127			1,857			14,701			4,798
add: Change in fair value of derivatives		134,390			55,668			53,880			52,234
(deduct) add: Change in fair value of debt		(31,615	)		240			(25,682	)		240
add (deduct): (Gain) loss on debt extinguishment		49,063			(68,478	)		49,063			(68,478	)
add: Other non-cash or non-recurring		2,766			—			2,766			—
Adjusted net loss attributable to common shareholders	$	(87,047	)	$	(62,556	)	$	(58,917	)	$	(109,757	)

Basic and diluted loss per share attributable to common shareholders
Basic	$	(1.05	)	$	(0.25	)	$	(0.66	)	$	(0.48	)
Diluted	$	(1.05	)	$	(0.25	)	$	(0.66	)	$	(0.48	)

Basic and diluted adjusted loss per share attributable to common shareholders
Basic	$	(0.37	)	$	(0.30	)	$	(0.25	)	$	(0.53	)
Diluted	$	(0.37	)	$	(0.30	)	$	(0.25	)	$	(0.53	)

Weighted average shares of common stock
Basic		237,741,328			211,137,189			231,616,540			206,225,126
Diluted		237,741,328			211,137,189			231,616,540			206,225,126

The MIL Network –

July 31, 2025

MIL-OSI: Medallion Bank Reports 2025 Second Quarter Results and Declares Series G Preferred Stock Dividend

Source: GlobeNewswire (MIL-OSI)

SALT LAKE CITY, July 30, 2025 (GLOBE NEWSWIRE) — Medallion Bank (Nasdaq: MBNKO, the “Bank”), an FDIC-insured bank providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners, announced today its results for the quarter ended June 30, 2025. The Bank is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).

2025 Second Quarter Highlights

Net income of $17.3 million, compared to $15.0 million in the prior year quarter.
Net interest income of $53.9 million, compared to $50.2 million in the prior year quarter. Total non-interest income of $2.7 million, compared to $0.9 million in the prior year quarter.
Net interest margin of 8.54%, compared to 8.55% in the prior year quarter.
Total provision for credit losses was $18.7 million, compared to $18.2 million in the prior year quarter.
Annualized net charge-offs were 2.66% of average loans outstanding, compared to 2.31% in the prior year quarter.
Annualized return on assets and return on equity were 2.75% and 16.11%, respectively, compared to 2.57% and 16.77%, respectively, for the prior year period.
The total loan portfolio grew 1% from June 30, 2024 to $2.3 billion as of June 30, 2025.
Closed a public offering of 3,100,000 shares of Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, par value $1.00 per share, with a liquidation amount of $25 per share and an aggregate liquidation amount of $77.5 million.
Total assets were $2.6 billion and the Tier 1 leverage ratio was 19.3% at June 30, 2025. The Series F preferred stock, which was redeemed on July 1, 2025, contributed 171 basis points to the Tier 1 leverage ratio as of June 30, 2025.

Donald Poulton, President and Chief Executive Officer of Medallion Bank, stated, “Earnings grew to $17.3 million in the second quarter, but the highlight for the quarter was secondary and capital market activity. As previously reported, we completed an initial sale of recreation loans, then completed a $77.5 million Series G preferred stock offering and announced the redemption of $46 million of our Series F preferred securities.

While demand for both recreation and home improvement loans recovered slightly from the first quarter, overall volumes remained moderate. Strategic partnership volumes continued to grow, reaching $169 million in the second quarter, 24% higher than the first quarter’s $136 million. Charge-offs were up from the prior year quarter and delinquency fell consistent with our seasonal pattern. Notably, the delinquency rate in our home improvement loan portfolio is now at its lowest level since the second quarter of 2023. We are pleased with our second quarter results and believe the added capital establishes a solid foundation for the rest of 2025 and beyond.”

Recreation Lending Segment

Excluding loans held for sale, the Bank’s recreation loan portfolio size fell 0.8% to $1.486 billion as of June 30, 2025, compared to $1.497 billion at June 30, 2024. Loan originations were $142.8 million, compared to $209.6 million in the prior year quarter.
On April 30, 2025, the Bank closed a sale of $52.8 million in recreation loans held for sale. The total proceeds received, which included the principal amount outstanding, a purchase premium and accrued but unpaid interest, were $55.9 million.
Recreation loans were 65% of loans receivable as of June 30, 2025, compared to 66% at June 30, 2024.
Net interest income was $39.8 million, compared to $37.6 million in the prior year quarter.
Delinquencies 30 days or more past due were $65.7 million, or 4.42%, of recreation loans as of June 30, 2025, compared to $54.3 million, or 3.63%, at June 30, 2024.
Annualized net charge-offs were 3.25% of average recreation loans outstanding, compared to 2.99% in the prior year quarter.
The provision for recreation credit losses was $15.3 million and the allowance for credit losses was 5.05% of the outstanding balance, compared to $15.8 million and 4.35% of the outstanding balance in the prior year quarter.

Home Improvement Lending Segment

The Bank’s home improvement loan portfolio grew 4% to $803.5 million as of June 30, 2025, compared to $773.2 million at June 30, 2024. Loan originations were $54.3 million, compared to $68.0 million in the prior year quarter.
Home improvement loans were 35% of loans receivable as of June 30, 2025, compared to 34% at June 30, 2024.
Net interest income was $13.6 million, compared to $12.1 million in the prior year quarter.
Delinquencies 30 days or more past due were $6.9 million, or 0.86%, of home improvement loans as of June 30, 2025, essentially unchanged from $6.9 million, or 0.90%, at June 30, 2024.
Annualized net charge-offs were 1.87% of average home improvement loans outstanding, compared to 1.49% in the prior year quarter.
The provision for home improvement credit losses was $3.9 million and the allowance for credit losses was 2.54% of the outstanding balance, compared to $3.3 million and 2.38% of the outstanding balance in the prior year quarter.

Series F Preferred Stock Dividend

The Series F Preferred Stock was fully redeemed on July 1, 2025, and no further dividends will be paid.

Series G Preferred Stock Dividend

On July 24, 2025, the Bank’s Board of Directors declared a quarterly cash dividend of $0.80625 per share (calculated from date of issuance on May 22, 2025 through September 30, 2025) on the Bank’s Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, which trades on the Nasdaq Capital Market under the ticker symbol “MBNKO.” The dividend is payable on October 1, 2025, to holders of record at the close of business on September 15, 2025.

About Medallion Bank

Medallion Bank specializes in providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners. The Bank works directly with thousands of dealers, contractors and financial service providers serving their customers throughout the United States. Medallion Bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City and is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).

For more information, visit www.medallionbank.com

Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, costs, sales (including loan sales), net investment income, earnings, returns and growth. These statements are often, but not always, made through the use of words or phrases such as “remains,” “anticipated,” “continue,” “expect,” “may,” “maintain,” “potential” or the negative versions of these words or other comparable words or phrases of a future or forward-looking nature. These statements may relate to our future earnings, returns, capital levels, sources of funding, growth prospects, asset quality and pursuit and execution of our strategy. Medallion Bank’s actual results may differ significantly from the results discussed in such forward-looking statements. For a description of certain risks to which Medallion Bank is or may be subject, please refer to the factors discussed under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” included in Medallion Bank’s Form 10-K for the year ended December 31, 2024, and in its Quarterly Reports on Form 10-Q, filed with the FDIC. Medallion Bank’s Form 10-K, Form 10-Qs and other FDIC filings are available in the Investor Relations section of Medallion Bank’s website. Medallion Bank’s financial results for any period are not necessarily indicative of Medallion Financial Corp.’s results for the same period.

Company Contact:
Investor Relations
212-328-2176
InvestorRelations@medallion.com

MEDALLION BANK STATEMENTS OF OPERATIONS (UNAUDITED)
	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)		2025		2024		2025		2024
Interest income
Loan interest including fees	$	71,688	$	65,213	$	142,305	$	126,637
Investments		1,824		1,546		3,041		3,090
Total interest income		73,512		66,759		145,346		129,727
Interest expense		19,608		16,524		39,225		31,277
Net interest income		53,904		50,235		106,121		98,450
Provision for credit losses		18,697		18,190		37,735		35,192
Net interest income after provision for credit losses		35,207		32,045		68,386		63,258
Strategic partnership fees		787		480		1,472		806
Gain on sale of loans		1,304		—		1,304		—
Other non-interest income		603		389		1,599		665
Total non-interest income		2,694		869		4,375		1,471
Non-interest expense
Salaries and benefits		5,297		4,953		10,645		9,937
Loan servicing		3,293		3,049		6,447		5,916
Collection costs		1,697		1,569		3,189		2,974
Regulatory fees		1,109		888		1,930		1,865
Professional fees		592		385		1,202		817
Information technology		324		273		646		541
Occupancy and equipment		724		226		1,451		433
Other		1,093		1,059		2,003		1,809
Total non-interest expense		14,129		12,402		27,513		24,292
Income before income taxes		23,772		20,512		45,248		40,437
Provision for income taxes		6,468		5,476		12,305		10,922
Net income	$	17,304	$	15,036	$	32,943	$	29,515
Less: Preferred stock dividends		2,598		1,512		4,110		3,024
Net income attributable to common shareholder	$	14,706	$	13,524	$	28,833	$	26,491

MEDALLION BANK BALANCE SHEETS
	(UNAUDITED)						(UNAUDITED)
(In thousands)	June 30, 2025			December 31, 2024			June 30, 2024
Assets
Cash and federal funds sold	$	117,345		$	126,196		$	119,457
Investment securities, available-for-sale		61,529			54,805			55,830
Loans held for sale, at the lower of amortized cost or fair value		72,490			128,226			—

Loan receivables, inclusive of net deferred loan acquisition cost and fees		2,289,583			2,249,614			2,274,740
Allowance for credit losses		(95,462	)		(91,638	)		(84,213	)
Loans, net		2,194,121			2,157,976			2,190,527
Loan collateral in process of foreclosure		3,414			3,326			3,103
Fixed assets and right-of-use lease assets, net		7,972			9,126			8,850
Deferred tax assets		14,647			14,036			12,866
Accrued interest receivable		15,124			15,083			13,203
Other assets		85,417			40,325			39,556
Total assets	$	2,572,059		$	2,549,099		$	2,443,392
Liabilities and Shareholders’ Equity
Liabilities
Deposits	$	2,009,176		$	2,090,071		$	2,006,782
Short-term borrowings		40,000			35,000			25,000
Accrued interest payable		3,065			5,586			5,281
Income tax payable ⁽¹⁾		26,734			17,951			21,127
Other liabilities		18,406			17,204			17,983
Due to affiliates		1,037			910			983
Total liabilities		2,098,418			2,166,722			2,077,156
Shareholders’ Equity
Series E preferred stock		26,303			26,303			26,303
Series F preferred stock		42,485			42,485			42,485
Series G preferred stock		73,126			—			—
Common stock		1,000			1,000			1,000
Additional paid in capital		77,500			77,500			77,500
Accumulated other comprehensive loss, net of tax		(3,931	)		(4,480	)		(4,578	)
Retained earnings		257,158			239,569			223,526
Total shareholders’ equity		473,641			382,377			366,236
Total liabilities and shareholders’ equity	$	2,572,059		$	2,549,099		$	2,443,392
(1) The majority of income tax payable is payable to Medallion Financial Corp.

The MIL Network –

July 31, 2025

MIL-OSI: Reliance Global Group Reports Second Quarter 2025 Financial Results and Provides Business Update

Source: GlobeNewswire (MIL-OSI)

Reduces Debt by 50%, Strengthens Balance Sheet, and Refocuses Strategic Priorities

Company to Host Conference Call Today at 4:30 PM Eastern Time

LAKEWOOD, N.J., July 30, 2025 (GLOBE NEWSWIRE) — Reliance Global Group, Inc. (Nasdaq: RELI) (“Reliance”, “we” or the “Company”) today provided a business update and reported financial results for the quarter ended June 30, 2025.

“During the second quarter, we made meaningful progress toward our long-term strategic objectives, continuing to execute with discipline across both operational and financial fronts,” said Ezra Beyman, Chairman and CEO of Reliance Global Group. “While revenue was modestly lower compared to the prior year period, this was primarily due to a shift in our medical/health client base but offset by an 8% increase in our property and casualty (P&C) revenue stream. Importantly, our core business remained stable, and we continued to drive improvements across the organization. A key pillar of our transformation remains our OneFirm strategy, which unifies our agency operations under a cohesive, integrated model. We believe this approach is driving greater internal efficiency, enhancing collaboration across our teams, and delivering improved service experiences for clients and agents alike. It also positions us to scale more effectively and expand margins as we grow.”

“As part of this strategy, the recent sale of Fortman Insurance Services marked a key step in streamlining our portfolio. By monetizing this asset, we’ve not only strengthened our balance sheet but also reinforced our focus on tech-enabled, high-growth areas that align with our long-term vision for sustainable, innovation-driven growth.”

“From the sale proceeds, we took a major step to strengthen our financial position by repaying approximately $5.6 million—about half of our long-term debt, which reduced our annual debt service by over $1.8 million and meaningfully improved our cash flow and financial flexibility.”

“Another exciting development this quarter was the launch of RELI Auto Leasing, which empowers our RELI Exchange Agency Partners to connect their clients with great auto leasing options. This unique platform not only creates a new revenue stream for our agents—who earn commissions on both the leasing referral and the accompanying insurance—but also delivers a high-convenience experience for consumers, with nationwide delivery available. By integrating leasing solutions into the RELI Exchange platform, we are continuing to strengthen our value proposition and expand the tools our agents can use to grow their businesses,” concluded Mr. Beyman.

2025 Second Quarter Financial Highlights

(approximate figures)

Commission income was $3.1 million in Q2 2025, compared to $3.2 million in Q2 2024. The swing was primarily due to a shift in our medical/health client base but offset by an 8% increase in our property and casualty (P&C) revenue stream.
Commission expense was $989,000 in Q2 2025, compared to $886,000 in Q2 2024 with the swing primarily attributed to the 8% growth in P&C revenues.
Salaries and wages were $2.6 million in Q2 2025, compared to $2.0 million in Q2 2024, with the increase due to non-cash share-based compensation, offset by OneFirm efficiencies and overall leaner operations.
General and administrative expenses were $1.5 million in Q2 2025, compared to $1.0 million in Q2 2024, with the flux being driven by acquisition related cash and non-cash costs offset by OneFirm efficiencies and overall leaner operations.
Net loss for the quarter was $2.7 million, compared to $1.5 million in Q2 2024, reflecting the impacts of non-cash equity compensation and acquisition cash and non-cash related costs.
Adjusted EBITDA (“AEBITDA”) (Non-GAAP measure) loss for the quarter was $382,000 compared to $178,000 in Q2 2024. The increase was driven primarily by the fluctuations affecting the commission income and commission expense accounts offset by improvements in the general expense accounts pursuant to OneFirm efficiencies and overall leaner operations.

“Following the sale of Fortman Insurance Services, we expect to recognize a gain on sale of approximately $3.0 million in the third quarter,” said Joel Markovits, Chief Financial Officer of Reliance Global Group. “Combined with our debt reduction efforts, we’ve significantly deleveraged our balance sheet and lowered our annual debt service obligations by approximately 61%. Our outlook remains strong as we continue to move forward with a focus on disciplined financial management, whilst making strides forward in our pursuit of innovation and expansion of our market footprint.”

Conference Call

Reliance Global Group will host a conference call today at 4:30 PM Eastern Time to discuss the Company’s financial results for the quarter ended June 30, 2025, as well as the Company’s corporate progress and other developments.

The conference call will be available via telephone by dialing toll-free +1 888-506-0062 for U.S. callers or +1 973-528-0011 for international callers and entering access code 627850. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2381/52790 or on the investor relations section of the Company’s website, https://relianceglobalgroup.com/events-and-presentations/.

A webcast replay will be available on the investor relations section of the Company’s website at https://relianceglobalgroup.com/events-and-presentations/ through May 13, 2026. A telephone replay of the call will be available approximately one hour following the call, through May 27, 2025, and can be accessed by dialing +1 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering access code 52473.

About Reliance Global Group, Inc.

Reliance Global Group, Inc. (NASDAQ: RELI) is an InsurTech pioneer, leveraging artificial intelligence (AI), and cloud-based technologies, to transform and improve efficiencies in the insurance agency/brokerage industry. The Company’s business-to-business InsurTech platform, RELI Exchange, provides independent insurance agencies an entire suite of business development tools, enabling them to effectively compete with large-scale national insurance agencies, whilst reducing back-office cost and burden. The Company’s business-to-consumer platform, 5minuteinsure.com, utilizes AI and data mining, to provide competitive online insurance quotes within minutes to everyday consumers seeking to purchase auto, home, and life insurance. In addition, the Company operates its own portfolio of select retail “brick and mortar” insurance agencies which are leaders and pioneers in their respective regions throughout the United States, offering a wide variety of insurance products. Further information about the Company can be found at https://www.relianceglobalgroup.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by terminology such as “may,” “should,” “could,” “would,” “will,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “continue,” “potential,” and similar expressions. Forward-looking statements in this press release include, without limitation, statements regarding:

Our expectations regarding the financial and operational benefits of our recent debt reduction, including reduced annual debt service obligations, improved cash flow, and enhanced financial flexibility;
Our belief that the OneFirm strategy is enhancing internal efficiency, enabling scalability, and positioning us for sustainable margin expansion;
Our intention to continue realigning our portfolio and operations around high-growth, tech-enabled assets, including through the sale of Fortman Insurance Services and the expansion of the RELI Exchange platform;
Our expectation that RELI Auto Leasing will generate new revenue opportunities for our agency partners and increase customer convenience and engagement;
Our outlook regarding the anticipated gain on the Fortman sale and our ability to continue deleveraging and improving our financial condition; and
Other statements relating to our future growth, financial performance, business strategy, and operational execution.

These forward-looking statements are based on a number of assumptions, including that our OneFirm strategy will continue to drive efficiencies, the RELI Exchange and RELI Auto Leasing platforms will gain market traction as expected, the anticipated gain on the Fortman sale will be recognized, and market, economic, and regulatory conditions will remain favorable. There can be no assurance that these assumptions will prove accurate.

Actual results could differ materially from those anticipated due to a variety of risks and uncertainties, including: our ability to successfully integrate new business initiatives such as RELI Auto Leasing; challenges in realizing anticipated cost savings, cash flow improvements, or strategic benefits from our restructuring efforts; competitive pressures in the InsurTech and insurance agency markets; adverse economic or regulatory developments; and other factors described under “Risk Factors” in our Annual Report on Form 10-K and other filings made with the Securities and Exchange Commission.

You are encouraged to carefully review our Annual Report on Form 10-K for the year ended December 31, 2024, as amended, as well as other SEC filings, for a more complete discussion of these and other risks and uncertainties. Except as required by law, Reliance Global Group, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact:

Crescendo Communications, LLC
Tel: +1 (212) 671-1020
Email: RELI@crescendo-ir.com

INFORMATION REGARDING A NON-GAAP FINANCIAL MEASURE

The Company believes certain financial measures which meet the definition of non-GAAP financial measures, as defined in Regulation G of the SEC rules, provide important supplemental information. Namely our key financial performance metric Adjusted EBITDA (“AEBITDA”) is a non-GAAP financial measure that is not in accordance with, or an alternative to, measures prepared in accordance with GAAP. “AEBITDA” is defined as earnings before interest, taxes, depreciation, and amortization (EBITDA) with additional adjustments as further outlined below, to result in Adjusted EBITDA (“AEBITDA”). The Company considers AEBITDA an important financial metric because it provides a meaningful financial measure of the quality of the Company’s operational, cash impacted and recurring earnings and operating performance across reporting periods. Other companies may calculate Adjusted EBITDA differently than we do, which might limit its usefulness as a comparative measure to other companies in the industry. AEBITDA is used by management in addition to and in conjunction (and not as a substitute) with the results presented in accordance with GAAP. Management uses AEBITDA to evaluate the Company’s operational performance, including earnings across reporting periods and the merits for implementing cost-cutting measures. We have presented AEBITDA solely as supplemental disclosure because we believe it allows for a more complete analysis of results of operations and assists investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Consistent with Regulation G, a description of such information is provided below herein and tabular reconciliations of this supplemental non-GAAP financial information to our most comparable GAAP information are contained below.

We exclude the following items when calculating Adjusted EBITDA, and the following items define our non-GAAP financial measure “AEBITDA”:

Interest and related party interest expense: Unrelated to core Company operations and excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
Depreciation and amortization: Non-cash charge, excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
Goodwill and/or asset impairments: Non-cash charge, excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
Equity-based compensation: Non-cash compensation provided to employees and service providers, excluded to provide more meaningful supplemental information regarding the Company’s core cash impacted operational performance.
Change in estimated acquisition earn-out payables: An earn-out liability is a liability to the seller upon an acquisition which is contingent on future earnings. These liabilities are valued at each reporting period and the changes are reported as either a gain or loss in the change in estimated acquisition earn-out payables account in the consolidated statements of operations. The gain or loss is non-cash, can be highly volatile and overall is not deemed relevant to ongoing operations, thus, it is excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
Recognition and change in fair value of warrant liabilities: This account includes changes to derivative warrant liabilities which are valued at each reporting period and could result in either a gain or loss. The period changes do not impact cash, can be highly volatile, and are unrelated to ongoing operations, and thus are excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
Other income (expense), net: Includes certain non-routine income or expenses and other individually de minimis items and is thus excluded as unrelated to core operations of the company.
Transactional costs: This includes expenses related to mergers, acquisitions, financings and refinancings, and amendments or modification to indebtedness. These costs are unrelated to primary Company operations and are excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
Non-standard costs: This account includes non-standard non-operational items, related to costs incurred for a legal suit the Company has filed against one of the third parties involved in the discontinued operations and was excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
Loss from discontinued operations before tax: This account includes the net results from discontinued operations, and since discontinued, are unrelated to the Company’s ongoing operations and thus excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.

The following table provides a reconciliation from net loss to AEBITDA for the 3 month and 6 month periods ended June 30, 2025 and 2024, respectively:


	The Period Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
			As reported on10-Q2’24				As reported on10-Q2’24
Net income (loss)	(2,710,901	)	(1,489,395	)	(4,447,786	)	(6,836,057	)
Adjustments:
Interest and related party interest expense	318,988		403,495		644,230		813,780
Depreciation and amortization	346,151		469,788		706,746		1,003,941
Asset impairment	–		–		–		3,922,110
–	–		–
Share based compensation employees directors and third parties	1,479,557		333,897		2,504,542		488,808
Change in estimated acquisition earn-out payables	–		–		–		47,761
Other (income) expense, net	–		(11	)	24,598		(22	)
Transactional costs	248,049		119,203		391,236		373,096
Non-standard costs	(63,534	)	45,724		(35,254	)	90,963
Recognition and change in fair value of warrant liabilities	–		(60,667	)	–		(156,000	)
Total adjustments	2,329,211		1,311,429		4,236,098		6,584,437

AEBITDA	(381,690	)	(177,966	)	(211,688	)	(251,620	)

The MIL Network –

July 31, 2025

MIL-OSI: Climb Global Solutions Reports Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

EATONTOWN, N.J., July 30, 2025 (GLOBE NEWSWIRE) — Climb Global Solutions, Inc. (NASDAQ:CLMB) (“Climb” or the “Company”), a value-added global IT channel company providing unique sales and distribution solutions for innovative technology vendors, is reporting results for the second quarter ended June 30, 2025.

Second Quarter 2025 Summary vs. Same Year-Ago Quarter

Net sales increased 73% to $159.3 million.
Net income increased 74% to $6.0 million or $1.30 per diluted share.
Adjusted net income (a non-GAAP financial measure defined below) increased 68% to $6.4 million or $1.39 per diluted share.
Adjusted EBITDA (a non-GAAP financial measure defined below) increased 64% to $11.4 million.
Gross billings (a key operational metric defined below) increased 39% to $500.6 million. Distribution segment gross billings increased 40% to $477.0 million, and Solutions segment gross billings increased 19% to $23.5 million.

Management Commentary

“We continued to execute on our core initiatives in Q2, resulting in another period of exceptional performance with material increases across all key financial metrics,” said CEO Dale Foster. “During the quarter, we generated double-digit organic growth by strengthening relationships with key customers, bolstering our line card with new, innovative vendors, and growing our market share in both the U.S. and Europe. We also benefited from the incremental contribution and seasonal strength of Douglas Stewart Software & Services, LLC (“DSS”), which typically sees higher demand from education customers as they ramp ahead of the next school year.

“Looking ahead, we will continue to build on the momentum established in the first half of the year, with a clear focus on driving sustainable growth and operational execution. With our ERP system now fully implemented, we expect to capture operational efficiencies that will enhance scalability and drive operating leverage across our global platform. We also remain focused on identifying strategic acquisition opportunities that can enhance our capabilities and complement our existing footprint. These initiatives, coupled with our robust balance sheet and demonstrated track record of success, will enable us to deliver on both our organic and inorganic growth objectives in 2025 and beyond.”

Dividend

Subsequent to quarter end, on July 29, 2025, Climb’s Board of Directors declared a quarterly dividend of $0.17 per share of its common stock payable on August 15, 2025, to shareholders of record on August 11, 2025.

Second Quarter 2025 Financial Results

Net sales in the second quarter of 2025 increased 73% to $159.3 million compared to $92.1 million for the same period in 2024. This reflects double digit organic growth from new and existing vendors, as well as contribution from the Company’s acquisition of DSS on July 31, 2024. In addition, gross billings in the second quarter of 2025 increased 39% to $500.6 million compared to $359.8 million in the year-ago period.

Gross profit in the second quarter of 2025 increased 42% to $26.3 million compared to $18.6 million for the same period in 2024. The increase was driven by organic growth from new and existing vendors in both North America and Europe, as well as contribution from DSS.

Selling, general, and administrative (“SG&A”) expenses in the second quarter of 2025 were $16.4 million compared to $13.0 million in the year-ago period. DSS represented $0.9 million of the increase. SG&A as a percentage of gross billings decreased to 3.3% for the second quarter of 2025 compared to 3.6% in the year-ago period.

Net income in the second quarter of 2025 increased 74% to $6.0 million or $1.30 per diluted share, compared to $3.4 million or $0.75 per diluted share for the same period in 2024. Adjusted net income increased 68% to $6.4 million or $1.39 per diluted share, compared to $3.8 million or $0.83 per diluted share for the year-ago period.

Adjusted EBITDA in the second quarter of 2025 increased 64% to $11.4 million compared to $6.9 million for the same period in 2024. The increase was primarily driven by organic growth from both new and existing vendors, as well as contribution from the Company’s acquisition of DSS. Effective margin, which is defined as adjusted EBITDA as a percentage of gross profit, increased 600 basis points to 43.3% compared to 37.3% for the same period in 2024.

On June 30, 2025, cash and cash equivalents were $28.6 million compared to $29.8 million on December 31, 2024, while working capital increased by $12.2 million during this period. The decrease in cash was primarily attributed to the timing of receivable collections and payables. Climb had $0.5 million of outstanding debt on June 30, 2025, with no borrowings outstanding under its $50 million revolving credit facility.

For more information on the non-GAAP financial measures discussed in this press release, please see the section titled, “Non-GAAP Financial Measures,” and the reconciliations of non-GAAP financial measures to their nearest comparable GAAP financial measures at the end of this press release.

Conference Call

The Company will conduct a conference call tomorrow, July 31, 2025, at 8:30 a.m. Eastern time to discuss its results for the second quarter ended June 30, 2025.

Climb management will host the conference call, followed by a question-and-answer period.

Date: Thursday, July 31, 2025
Time: 8:30 a.m. Eastern time
Toll-free dial-in number: (800) 225-9448
International dial-in number: (203) 518-9708
Conference ID: CLIMB
Webcast: Climb’s Q2 2025 Conference Call

If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.

The conference call will also be available for replay on the investor relations section of the Company’s website at www.climbglobalsolutions.com.

About Climb Global Solutions

Climb Global Solutions, Inc. (NASDAQ:CLMB) is a value-added global IT distribution and solutions company specializing in emerging and innovative technologies. Climb operates across the U.S., Canada and Europe through multiple business units, including Climb Channel Solutions, Grey Matter and Climb Global Services. The Company provides IT distribution and solutions for companies in the Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & ALM industries.

Additional information can be found by visiting www.climbglobalsolutions.com.

Non-GAAP Financial Measures

Climb Global Solutions uses non-GAAP financial measures, including adjusted net income and adjusted EBITDA, as supplemental measures of the performance of the Company’s business. Use of these financial measures has limitations, and you should not consider them in isolation or use them as substitutes for analysis of Climb’s financial results under generally accepted accounting principles in the United States of America (“U.S. GAAP”). The attached tables provide definitions of these measures and a reconciliation of each non-GAAP financial measure to the most nearly comparable measure under U.S. GAAP.

Key Operational Metric

Gross Billings

Gross billings are the total dollar value of customer purchases of goods and services during the period, net of customer returns and credit memos, sales, or other taxes. Gross billings include the transaction values for certain sales transactions that are recognized on a net basis, and, therefore, includes amounts that will not be recognized as revenue. We use gross billings as an operational metric to assess the volume of transactions or market share for our business as well as to understand changes in our accounts receivable and accounts payable. We believe gross billings will aid investors in the same manner.

Forward-Looking Statements

The statements in this release, other than statements of historical fact, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to come within the safe harbor protection provided by those sections. These forward-looking statements are subject to certain risks and uncertainties. Many of the forward-looking statements may be identified by words such as ”look forward,” “believes,” “expects,” “intends,” “anticipates,” “plans,” “estimates,” “projects,” “forecasts,” “should,” “could,” “would,” “will,” “confident,” “may,” “can,” “potential,” “possible,” “proposed,” “in process,” “under construction,” “in development,” “opportunity,” “target,” “outlook,” “maintain,” “continue,” “goal,” “aim,” “commit,” or similar expressions, or when we discuss our priorities, strategy, goals, vision, mission, opportunities, projections, intentions or expectations. In this press release, the forward-looking statements relate to, among other things, declaring and reaffirming our strategic goals, future operating results, and the effects and potential benefits of the strategic acquisition on our business. Factors, among others, that could cause actual results and events to differ materially from those described in any forward-looking statements include, without limitation, our ability to recognize the anticipated benefits of the acquisition of Douglas Stewart Software & Services, LLC, the continued acceptance of the Company’s distribution channel by vendors and customers, the timely availability and acceptance of new products, product mix, market conditions, competitive pricing pressures, the successful integration of acquisitions, contribution of key vendor relationships and support programs, inflation, import and export tariffs, interest rate risk and impact thereof, as well as factors that affect the software industry in general. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described in the section entitled “Risk Factors” contained in Item 1A. of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and from time to time in the Company’s filings with the Securities and Exchange Commission.

Company Contact

Matthew Sullivan
Chief Financial Officer
(732) 847-2451
MatthewS@ClimbCS.com

Investor Relations Contact

Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
CLMB@elevate-ir.com


CLIMB GLOBAL SOLUTIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
	(Unaudited)
(Amounts in thousands, except share and per share amounts)

		June 30, 2025			December 31, 2024

ASSETS

Current assets
	Cash and cash equivalents	$	28,587		$	29,778
	Accounts receivable, net of allowance for doubtful accounts of $693 and $588, respectively		289,083			341,597
	Inventory, net		3,349			2,447
	Prepaid expenses and other current assets		9,164			6,874
Total current assets			330,183			380,696

Equipment and leasehold improvements, net			13,626			12,853
Goodwill			37,270			34,924
Other intangibles, net			35,718			36,550
Right-of-use assets, net			1,509			1,965
Accounts receivable long-term, net			1,209			1,174
Other assets			649			824
Deferred income tax assets			527			193

Total assets		$	420,691		$	469,179

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities
	Accounts payable and accrued expenses	$	307,715		$	370,397
	Lease liability, current portion		727			654
	Term loan, current portion		474			560
Total current liabilities			308,916			371,611

	Lease liability, net of current portion		1,116			1,685
	Deferred income tax liabilities		5,101			4,723
	Term loan, net of current portion		—			191
	Non-current liabilities		381			381

Total liabilities			315,514			378,591


Stockholders’ equity
	Common stock, $.01 par value; 10,000,000 shares authorized, 5,284,500 shares
	issued, and 4,617,206 and 4,601,302 shares outstanding, respectively		53			53
	Additional paid-in capital		40,043			37,977
	Treasury stock, at cost, 667,294 and 683,198 shares, respectively		(14,266	)		(13,337	)
	Retained earnings		76,904			68,787
	Accumulated other comprehensive gain (loss)		2,443			(2,892	)
Total stockholders’ equity			105,177			90,588
Total liabilities and stockholders’ equity		$	420,691		$	469,179

CLIMB GLOBAL SOLUTIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(Amounts in thousands, except per share data)

		Six months ended						Three months ended
		June 30,						June 30,
		2025			2024			2025			2024

Net Sales		$	297,328		$	184,498		$	159,284		$	92,076

Cost of sales			247,624			148,921			132,976			73,518

Gross profit			49,704			35,577			26,308			18,558


Selling, general and administrative expenses			33,112			25,496			16,357			12,974
Depreciation & amortization expense			3,720			1,736			1,982			865
Acquisition related costs			139			592			13			469
Total selling, general and administrative expenses			36,971			27,824			18,352			14,308

Income from operations			12,733			7,753			7,956			4,250

Interest, net			337			557			151			354
Foreign currency transaction loss			(567	)		(246	)		14			(162	)
Change in fair value of acquisition contingent consideration			(515	)		–			(379	)		–
Income before provision for income taxes			11,988			8,064			7,742			4,442
Provision for income taxes			2,338			1,903			1,774			1,012

Net income		$	9,650		$	6,161		$	5,968		$	3,430

Income per common share – Basic		$	2.11		$	1.35		$	1.30		$	0.75
Income per common share – Diluted		$	2.11		$	1.35		$	1.30		$	0.75

Weighted average common shares outstanding – Basic			4,509			4,449			4,521			4,461
Weighted average common shares outstanding – Diluted			4,509			4,449			4,521			4,461

Dividends paid per common share		$	0.34		$	0.34		$	0.17		$	0.17


Reconciliation of GAAP and Non-GAAP Financial Measures (unaudited)
(Amounts in thousands, except per share data)

	The table below presents net income reconciled to adjusted EBITDA (Non-GAAP) (1):

		Six months ended						Three months ended
		June 30,			June 30,			June 30,			June 30,
		2025			2024			2025			2024

Net income		$	9,650		$	6,161		$	5,968		$	3,430
	Provision for income taxes		2,338			1,903			1,774			1,012
	Depreciation and amortization		3,720			1,736			1,982			865
	Interest expense		159			161			90			60
EBITDA			15,867			9,961			9,814			5,367
	Share-based compensation		2,496			1,906			1,173			1,084
	Acquisition related costs		139			592			13			469
	Change in fair value of acquisition contingent consideration		515			–			379			–
Adjusted EBITDA		$	19,017		$	12,459		$	11,379		$	6,920


		Six months ended						Three months ended
		June 30,			June 30,			June 30,			June 30,
Components of interest, net		2025			2024			2025			2024

	Amortization of discount on accounts receivable with extended payment terms	$	(23	)	$	(17	)	$	(11	)	$	(11	)
	Interest income		(473	)		(701	)		(230	)		(403	)
	Interest expense		159			161			90			60
Interest, net		$	(337	)	$	(557	)	$	(151	)	$	(354	)

(1) We define adjusted EBITDA, as net income, plus provision for income taxes, depreciation, amortization, share-based compensation, interest, acquisition related costs and change in fair value of acquisition contingent consideration. We define effective margin as adjusted EBITDA as a percentage of gross profit. We provided a reconciliation of adjusted EBITDA to net income, which is the most directly comparable US GAAP measure. We use adjusted EBITDA as a supplemental measure of our performance to gain insight into our businesses profitability, operating performance and performance trends, and to provide management and investors a useful measure for period-to-period comparisons by excluding items that management believes are not reflective of our underlying operating performance. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results. Adjusted EBITDA is also a component to our financial covenants in our credit facility. Our use of adjusted EBITDA has limitations, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under US GAAP. In addition, other companies, including companies in our industry, might calculate adjusted EBITDA, or similarly titled measures differently, which may reduce their usefulness as comparative measures.

	The table below presents net income reconciled to adjusted net income (Non-GAAP) (2):

		Six months ended						Three months ended
		June 30,			June 30,			June 30,			June 30,
		2025			2024			2025			2024

	Net income	$	9,650		$	6,161		$	5,968		$	3,430
	Acquisition related costs, net of income taxes		104			444			10			352
	Change in fair value of acquisition contingent consideration		515			–			379			–
	Adjusted net income	$	10,269		$	6,605		$	6,357		$	3,782

	Adjusted net income per common share – diluted	$	2.25		$	1.45		$	1.39		$	0.83

(2) We define adjusted net income as net income excluding acquisition related costs, net of income taxes and the change in fair value of acquisition contingent consideration. We provided a reconciliation of adjusted net income to net income, which is the most directly comparable U.S. GAAP measure. We use adjusted net income and adjusted net income per common share as supplemental measures of our performance to gain insight into our businesses profitability, operating performance and performance trends, and to provide management and investors a useful measure for period-to-period comparisons by excluding items that management believes are not reflective of our underlying operating performance. Accordingly, we believe that adjusted net income and adjust net income per common share provide useful information to investors and others in understanding and evaluating our operating results. Our use of adjusted net income has limitations, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under U.S. GAAP. In addition, other companies, including companies in our industry, might calculate adjusted net income, or similarly titled measures differently, which may reduce their usefulness as comparative measures.

	The table below presents the operational metric of gross billings by segment (3):

		Six months ended						Three months ended
		June 30,			June 30,			June 30,			June 30,
		2025			2024			2025			2024

	Distribution gross billings	$	930,619		$	674,704		$	477,043		$	340,067
	Solutions gross billings		44,531			40,406			23,510			19,774
	Total gross billings	$	975,150		$	715,110		$	500,553		$	359,841

(3) Gross billings are the total dollar value of customer purchases of goods and services during the period, net of customer returns and credit memos, sales, or other taxes. Gross billings include the transaction values for certain sales transactions that are recognized on a net basis, and, therefore, include amounts that will not be recognized as revenue. We use gross billings as an operational metric to assess the volume of transactions or market share for our business as well as to understand changes in our accounts receivable and accounts payable. We believe gross billings will aid investors in the same manner.

The MIL Network –

July 31, 2025

MIL-OSI: Columbia Financial, Inc. Announces Financial Results for the Second Quarter Ended June 30, 2025

Source: GlobeNewswire (MIL-OSI)

FAIR LAWN, N.J., July 30, 2025 (GLOBE NEWSWIRE) — Columbia Financial, Inc. (the “Company”) (NASDAQ: CLBK), the mid-tier holding company for Columbia Bank (“Columbia”), reported net income of $12.3 million, or $0.12 per basic and diluted share, for the quarter ended June 30, 2025, as compared to $4.5 million, or $0.04 per basic and diluted share, for the quarter ended June 30, 2024. Earnings for the quarter ended June 30, 2025 reflected higher net interest income due to both an increase in interest income and a decrease in interest expense, higher non-interest income and a decrease in non-interest expense, partially offset by higher income tax expense.

For the six months ended June 30, 2025, the Company reported net income of $21.2 million, or $0.21 per basic and diluted share, as compared to $3.4 million, or $0.03 per basic and diluted share, for the six months ended June 30, 2024. Earnings for the six months ended June 30, 2025 reflected higher net interest income due to both an increase in interest income and a decrease in interest expense, a decrease in provision for credit losses and higher non-interest income, and a decrease in non-interest expense, partially offset by higher income tax expense.

Mr. Thomas J. Kemly, President and Chief Executive Officer commented: “We are pleased with our results for the second quarter of 2025, which reflect a substantial increase in earnings and the continued expansion of our net interest margin resulting from our previously announced strategies. During the quarter, we also experienced solid loan growth, complemented by the purchase of approximately $130.9 million in commercial equipment finance loans. Assets and deposits continued to increase throughout the 2025 period, and we reduced our overall operating costs.”

Results of Operations for the Three Months Ended June 30, 2025 and June 30, 2024

Net income of $12.3 million was recorded for the quarter ended June 30, 2025, an increase of $7.8 million, as compared to net income of $4.5 million for the quarter ended June 30, 2024. The increase in net income was primarily attributable to a $9.6 million increase in net interest income, a $993,000 increase in non-interest income and a $1.3 million decrease in non-interest expense, partially offset by a $3.9 million increase in income tax expense.

Net interest income was $53.7 million for the quarter ended June 30, 2025, an increase of $9.6 million, or 21.8%, from $44.1 million for the quarter ended June 30, 2024. The increase in net interest income was primarily attributable to a $3.2 million increase in interest income and a $6.4 million decrease in interest expense on deposits and borrowings. The increase in interest income was primarily due to an increase in the average balance of loans coupled with an increase in average yields on loans and securities. During the fourth quarter of 2024 the Company implemented a balance sheet repositioning transaction which resulted in an increase in the average yield on securities and a decrease in the cost of borrowings, which had a notable impact on net interest income for the quarter ended June 30, 2025. The 100 basis point decrease in market interest rates during the last four months of 2024 contributed to lower interest rates paid on new and repricing deposits and borrowings during the quarter ended June 30, 2025. Prepayment penalties, which are included in interest income on loans, totaled $615,000 for the quarter ended June 30, 2025, compared to $436,000 for the quarter ended June 30, 2024.

The average yield on loans for the quarter ended June 30, 2025 increased 3 basis points to 4.96%, as compared to 4.93% for the quarter ended June 30, 2024. Interest income on loans increased due to an increase in both the average balance and yield on loans. The average yield on securities for the quarter ended June 30, 2025 increased 66 basis points to 3.55%, as compared to 2.89% for the quarter ended June 30, 2024. This was a result of lower yielding securities sold as part of the balance sheet repositioning transaction implemented in the fourth quarter of 2024 being replaced with higher yielding securities purchased in 2024 and throughout the six months ended June 30, 2025. The average yield on other interest-earning assets for the quarter ended June 30, 2025 decreased 114 basis points to 5.16%, as compared to 6.30% for the quarter ended June 30, 2024, mainly due to a 150 basis point decrease in the dividend rate received on Federal Home Loan Bank stock.

Total interest expense was $62.8 million for the quarter ended June 30, 2025, a decrease of $6.4 million, or 9.3%, from $69.2 million for the quarter ended June 30, 2024. The decrease in interest expense was primarily attributable to a 19 basis point decrease in the average cost of interest-bearing deposits along with a 52 basis point decrease in the average cost of borrowings, coupled with a decrease in the average balance of borrowings, partially offset by an increase in the average balance of interest-bearing deposits. Interest expense on deposits decreased $482,000, or 1.0%, and interest expense on borrowings decreased $5.9 million, or 30.6% for the quarter ended June 30, 2025 as compared to the quarter ended June 30, 2024.

The Company’s net interest margin for the quarter ended June 30, 2025 increased 38 basis points to 2.19% when compared to 1.81%, due to an increase in the average yield on interest-earning assets coupled with a decrease in the average cost of interest-bearing liabilities. The weighted average yield on interest-earning assets increased 11 basis points to 4.75% for the quarter ended June 30, 2025 as compared to 4.64% for the quarter ended June 30, 2024. The average cost of interest-bearing liabilities decreased 31 basis points to 3.18% for the quarter ended June 30, 2025 as compared to 3.49% for the quarter ended June 30, 2024.

Non-interest income was $10.2 million for the quarter ended June 30, 2025, an increase of $993,000, or 10.8%, from $9.2 million for the quarter ended June 30, 2024. The increase was primarily attributable to an increase of $425,000 in demand deposit account fees mainly related to commercial account treasury services, an increase of $366,000 in loan fees and service charges related to swap income, gains on securities transactions of $336,000, and a $281,000 gain on the sale of real estate owned, partially offset by a decrease of $693,000 in other non-interest income. The gain on the sale of other real estate owned resulted from the sale of a commercial real estate property acquired by foreclosure in 2024 with a book value of $1.3 million which was sold in June 2025.

Non-interest expense was $44.9 million for the quarter ended June 30, 2025, a decrease of $1.3 million, or 2.9%, from $46.2 million for the quarter ended June 30, 2024. The decrease was primarily attributable to a decrease in professional fees of $1.0 million, as legal, regulatory, and compliance-related costs were higher in the 2024 period, a decrease in merger-related expenses of $692,000, and a decrease in other non-interest expense of $798,000.

Income tax expense was $4.2 million for the quarter ended June 30, 2025, an increase of $3.9 million, as compared to income tax expense of $279,000 for the quarter ended June 30, 2024, mainly due to an increase in pre-tax income. The Company’s effective tax rate was 25.4% and 5.8% for the quarters ended June 30, 2025 and 2024, respectively. The effective tax rate for the 2024 period was primarily impacted by permanent income tax differences.

Results of Operations for the Six Months Ended June 30, 2025 and June 30, 2024

Net income of $21.2 million was recorded for the six months ended June 30, 2025, an increase of $17.8 million, or 526.4%, compared to net income of $3.4 million for the six months ended June 30, 2024. The increase in net income was primarily attributable to a $17.7 million increase in net interest income, a $2.1 million decrease in provision for credit losses, a $2.0 million increase in non-interest income and a $3.2 million decrease in non-interest expense, partially offset by a $7.2 million increase in income tax expense.

Net interest income was $104.0 million for the six months ended June 30, 2025, an increase of $17.7 million, or 20.6%, from $86.3 million for the six months ended June 30, 2024. The increase in net interest income was primarily attributable to a $6.7 million increase in interest income and a $11.0 million decrease in interest expense on deposits and borrowings. The increase in interest income was primarily due to an increase in the average balance of loans coupled with an increase in the average yields on loans and securities. During the fourth quarter of 2024 the Company implemented a balance sheet repositioning transaction which resulted in an increase in the average yield on securities and a decrease in the cost of borrowings, which had a notable impact on net interest income for the six months ended June 30, 2025. The 100 basis point decrease in market interest rates during the last four months of 2024 contributed to a decrease in interest rates paid on new and repricing deposits and borrowings during the six months ended June 30, 2025. The decrease in interest expense on borrowings was also impacted by a decrease in the average balance of borrowings and the decrease in the cost of new borrowings. Prepayment penalties, which are included in interest income on loans, totaled $872,000 for the six months ended June 30, 2025, compared to $703,000 for the six months ended June 30, 2024.

The average yield on loans for the six months ended June 30, 2025 increased 6 basis points to 4.92%, as compared to 4.86% for the six months ended June 30, 2024. Interest income on loans increased due to an increase in both the average balance and yield on loans. The average yield on securities for the six months ended June 30, 2025 increased 73 basis points to 3.50%, as compared to 2.77% for the six months ended June 30, 2024. This was a result of lower yielding securities sold as part of the balance sheet repositioning transaction implemented in the fourth quarter of 2024 being replaced with higher yielding securities purchased in 2024 and throughout the six months ended June 30, 2025. The average yield on other interest-earning assets for the six months ended June 30, 2025 decreased 72 basis points to 5.47%, as compared to 6.19% for the six months ended June 30, 2024, due to lower dividends received on Federal Home Loan Bank stock.

Total interest expense was $124.6 million for the six months ended June 30, 2025, a decrease of $11.0 million, or 8.1%, from $135.6 million for the six months ended June 30, 2024. The decrease in interest expense was primarily attributable to a 10 basis point decrease in the average cost of interest-bearing deposits along with a 53 basis point decrease in the average cost of borrowings coupled with a decrease in the average balance of borrowings. Interest expense on deposits increased $1.2 million, or 1.3%, and interest expense on borrowings decreased $12.3 million, or 32.8% for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.

The Company’s net interest margin for the six months ended June 30, 2025 increased 37 basis points to 2.15%, when compared to 1.78% for the six months ended June 30, 2024. The net interest margin increased for the six months ended June 30, 2025, due to an increase in the average yield on interest-earning assets coupled with a decrease in the average cost of interest-bearing liabilities. The weighted average yield on interest-earning assets increased 15 basis points to 4.72% for the six months ended June 30, 2025, as compared to 4.57% for the six months ended June 30, 2024. The average cost of interest-bearing liabilities decreased 25 basis points to 3.19% for the six months ended June 30, 2025, as compared to 3.44% for the six months ended June 30, 2024.

The provision for credit losses for the six months ended June 30, 2025 was $5.4 million, a decrease of $2.1 million, or 27.7% from $7.5 million for the six months ended June 30, 2024. The decrease in provision for credit losses was primarily attributable to a decrease in net charge-offs, which totaled $4.1 million for the six months ended June 30, 2025 as compared to $5.5 million for the six months ended June 30, 2024, and a decrease in quantitative loss rates based on the evaluation of current and projected economic conditions.

Non-interest income was $18.6 million for the six months ended June 30, 2025, an increase of $2.0 million, or 12.1%, from $16.6 million for the six months ended June 30, 2024. The increase was primarily attributable to an increase in gain on securities transactions of $1.6 million, an increase of $900,000 in demand deposit account fees mainly related to commercial account treasury services, an increase of $461,000 in loan fees and service charges related to swap income and a $281,000 gain on the sale of real estate owned, partially offset by a decrease of $2.0 million in other non-interest income.

Non-interest expense was $88.8 million for the six months ended June 30, 2025, a decrease of $3.2 million, or 3.4% from $91.9 million for the six months ended June 30, 2024. The decrease was primarily attributable to a decrease in federal deposit insurance premiums of $615,000, a decrease in professional fees of $3.1 million, a decrease in merger-related expenses of $714,000 and a decrease in other non-interest expense of $1.3 million, partially offset by an increase in compensation and employee benefits expense of $2.3 million. Professional fees for legal, regulatory and compliance-related costs decreased in the 2025 period.

Income tax expense was $7.3 million for the six months ended June 30, 2025, an increase of $7.2 million, as compared to income tax expense of $150,000 for the six months ended June 30, 2024, mainly due to an increase in pre-tax income. The Company’s effective tax rate was 25.6% and 4.2% for the six months ended June 30, 2025 and 2024, respectively. The effective tax rate for the 2024 period was impacted by permanent income tax differences.

Balance Sheet Summary

Total assets increased $263.5 million, or 2.5%, to $10.7 billion at June 30, 2025 as compared to $10.5 billion at December 31, 2024. The increase in total assets was primarily attributable to an increase in debt securities available for sale of $31.0 million, and an increase in loans receivable, net, of $254.1 million, partially offset by a decrease in cash and cash equivalents of $41.0 million.

Cash and cash equivalents decreased $41.0 million, or 14.2%, to $248.2 million at June 30, 2025 from $289.2 million at December 31, 2024. The decrease was primarily attributable to purchases of securities of $159.3 million, purchases of loans of $150.9 million and the origination of loans receivable, partially offset by proceeds from principal repayments on securities of $98.5 million, and repayments on loans receivable.

Debt securities available for sale increased $31.0 million, or 3.0%, to $1.1 billion at June 30, 2025 from $1.0 billion at December 31, 2024. The increase was attributable to purchases of securities of $126.0 million, consisting primarily of U.S. government obligations and mortgage-backed securities, and a decrease in the gross unrealized loss on securities of $22.1 million, partially offset by maturities on securities of $28.5 million, repayments on securities of $73.6 million, and the sale of securities of $15.7 million.

Loans receivable, net, increased $254.1 million, or 3.2%, to $8.1 billion at June 30, 2025 from $7.9 billion at December 31, 2024. Multifamily loans, commercial real estate loans and commercial business loans increased $118.1 million, $177.8 million, and $104.5 million, respectively, partially offset by decreases in one-to-four family real estate loans, construction loans and home equity loans and advances of $81.6 million, $58.2 million, and $2.6 million, respectively. The increase in commercial business loans was primarily due to the purchase of $130.9 million in equipment finance loans from a third party in May 2025, at a $3.2 million discount, which included $5.1 million of purchased credit deteriorated loans (“PCD”). The principal balance of the PCD loans was charged-off by $3.2 million. The allowance for credit losses for loans increased $4.5 million to $64.5 million at June 30, 2025 from $60.0 million at December 31, 2024, primarily due to an increase in the outstanding balance of loans.

Total liabilities increased $223.2 million, or 2.4%, to $9.6 billion at June 30, 2025 from $9.4 billion at December 31, 2024. The increase was primarily attributable to an increase in total deposits of $39.3 million, or 0.5%, and an increase in borrowings of $192.0 million, or 17.8%, partially offset by a decrease in other liabilities of $12.2 million. The increase in total deposits consisted of increases in non-interest-bearing demand deposits, money market accounts and certificates of deposit of $1.9 million, $114.0 million, and $80.2 million, respectively, partially offset by decreases in interest-bearing demand deposits and savings and club accounts of $149.0 million and $7.7 million, respectively. The $192.0 million increase in borrowings was driven by a net increase in short-term borrowings of $122.0 million, coupled with new long-term borrowings of $130.0 million, partially offset by repayments of $60.0 million in maturing long-term borrowings. Proceeds from borrowings were utilized to fund the purchase of $130.9 million in equipment finance loans from a third party in May 2025.

Total stockholders’ equity increased $40.3 million, or 3.7%, with a balance of $1.1 billion at both June 30, 2025 and December 31, 2024. The increase in total stockholders’ equity was primarily attributable to net income of $21.2 million, and an increase of $15.3 million in other comprehensive income, which includes changes in unrealized losses on debt securities available for sale and unrealized gains on swap contracts, net of taxes, included in other comprehensive income.

Asset Quality

The Company’s non-performing loans at June 30, 2025 totaled $39.5 million, or 0.49% of total gross loans, as compared to $21.7 million, or 0.28% of total gross loans, at December 31, 2024. The $17.8 million increase in non-performing loans was primarily attributable to a $5.9 million construction loan designated as non-performing during the 2025 period, an increase in non-performing one-to-four family real estate loans of $2.6 million, an increase in non-performing commercial real estate loans of $7.5 million, and an increase in non-performing commercial business loans of $1.3 million. The $5.9 million non-performing construction loan represents the construction of a mixed use five-story building with both commercial space and apartments. The increase in non-performing one-to-four family real estate loans was due to an increase in the number of loans from 32 non-performing loans at December 31, 2024 to 43 loans at June 30, 2025. The increase in non-performing commercial real estate loans was due to an increase in the number of loans from four non-performing loans at December 31, 2024 to 14 loans at June 30, 2025. The increase in non-performing commercial business loans was due to an increase in the number of loans from 11 non-performing loans at December 31, 2024 to 16 loans at June 30, 2025. Non-performing assets as a percentage of total assets totaled 0.37% at June 30, 2025, as compared to 0.22% at December 31, 2024.

For the quarter ended June 30, 2025, net charge-offs totaled approximately $3.2 million, as compared to $533,000 in net charge-offs recorded for the quarter ended June 30, 2024. For the six months ended June 30, 2025, net charge-offs totaled $4.1 million as compared to $5.5 million in net charge-offs recorded for the six months ended June 30, 2024. Charge-offs for the three and six months ended June 30, 2025 included $3.2 million in charge-offs related to PCD loans included in the equipment finance loan purchase noted above.

The Company’s allowance for credit losses on loans was $64.5 million, or 0.79% of total gross loans, at June 30, 2025, compared to $60.0 million, or 0.76% of total gross loans, at December 31, 2024. The increase in the allowance for credit losses for loans was primarily due to an increase in the outstanding balance of loans.

About Columbia Financial, Inc.

The consolidated financial results include the accounts of Columbia Financial, Inc., its wholly-owned subsidiary Columbia Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries. Columbia Financial, Inc. is a Delaware corporation organized as Columbia Bank’s mid-tier stock holding company. Columbia Financial, Inc. is a majority-owned subsidiary of Columbia Bank, MHC. Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey that operates 69 full-service banking offices and offers traditional financial services to consumers and businesses in its market area.

Forward Looking Statements

Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes,” “will,” “would,” “expects,” “projects,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, adverse conditions in the capital and debt markets and the impact of such conditions on the Company’s business activities; changes in interest rates, higher inflation and their impact on national and local economic conditions; changes in monetary and fiscal policies of the U.S. Treasury, the Board of Governors of the Federal Reserve System and other governmental entities; the impact of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; the impact of legal, judicial and regulatory proceedings or investigations, competitive pressures from other financial institutions; the effects of general economic conditions on a national basis or in the local markets in which the Company operates, including changes that adversely affect a borrowers’ ability to service and repay the Company’s loans; the effect of acts of terrorism, war or pandemics, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions; changes in the value of securities in the Company’s portfolio; changes in loan default and charge-off rates; fluctuations in real estate values; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and securities; legislative changes and changes in government regulation; changes in accounting standards and practices; the risk that goodwill and intangibles recorded in the Company’s consolidated financial statements will become impaired; cyber-attacks, computer viruses and other technological risks that may breach the security of our systems and allow unauthorized access to confidential information; the inability of third party service providers to perform; demand for loans in the Company’s market area; the Company’s ability to attract and maintain deposits and effectively manage liquidity; risks related to the implementation of acquisitions, dispositions, and restructurings; the successful implementation of our December 2024 balance sheet repositioning transaction; the risk that the Company may not be successful in the implementation of its business strategy, or its integration of acquired financial institutions and businesses, and changes in assumptions used in making such forward-looking statements which are subject to numerous risks and uncertainties, including but not limited to, those set forth in Item 1A of the Company’s Annual Report on Form 10-K and those set forth in the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all as filed with the Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, www.sec.gov. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, the Company’s actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as required by law.

Non-GAAP Financial Measures

Reported amounts are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). This press release also contains certain supplemental non-GAAP information that the Company’s management uses in its analysis of the Company’s financial results. Specifically, the Company provides measures based on what it believes are its operating earnings on a consistent basis and excludes material non-routine operating items which affect the GAAP reporting of results of operations. The Company’s management believes that providing this information to analysts and investors allows them to better understand and evaluate the Company’s core financial results for the periods presented. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

The Company also provides measurements and ratios based on tangible stockholders’ equity. These measures are commonly utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, the Company’s management believes that such information is useful to investors.

A reconciliation of GAAP to non-GAAP financial measures are included at the end of this press release. See “Reconciliation of GAAP to Non-GAAP Financial Measures”.


COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Consolidated Statements of Financial Condition (In thousands)

	June 30,		December 31,
	2025		2024
Assets	(Unaudited)
Cash and due from banks	$	248,113	$	289,113
Short-term investments		111		110
Total cash and cash equivalents		248,224		289,223

Debt securities available for sale, at fair value		1,056,950		1,025,946
Debt securities held to maturity, at amortized cost (fair value of $368,232, and $350,153 at June 30, 2025 and December 31, 2024, respectively)		402,159		392,840
Equity securities, at fair value		7,253		6,673
Federal Home Loan Bank stock		68,663		60,387

Loans receivable		8,175,499		7,916,928
Less: allowance for credit losses		64,467		59,958
Loans receivable, net		8,111,032		7,856,970

Accrued interest receivable		41,161		40,383
Office properties and equipment, net		82,176		81,772
Bank-owned life insurance		278,756		274,908
Goodwill and intangible assets		120,003		121,008
Other real estate owned		—		1,334
Other assets		322,651		324,049
Total assets	$	10,739,028	$	10,475,493

Liabilities and Stockholders’ Equity
Liabilities:
Deposits	$	8,135,483	$	8,096,149
Borrowings		1,272,578		1,080,600
Advance payments by borrowers for taxes and insurance		49,525		45,453
Accrued expenses and other liabilities		160,734		172,915
Total liabilities		9,618,320		9,395,117

Stockholders’ equity:
Total stockholders’ equity		1,120,708		1,080,376
Total liabilities and stockholders’ equity	$	10,739,028	$	10,475,493

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Consolidated Statements of Income (In thousands, except per share data)

	Three Months Ended June 30,					Six Months Ended June 30,
	2025			2024		2025		2024
Interest income:	(Unaudited)					(Unaudited)
Loans receivable	$	99,646		$	95,252	$	194,756	$	188,201
Debt securities available for sale and equity securities		10,301			9,241		20,043		17,026
Debt securities held to maturity		2,922			2,502		5,733		4,871
Federal funds and interest-earning deposits		2,443			4,459		5,301		8,022
Federal Home Loan Bank stock dividends		1,179			1,832		2,821		3,793
Total interest income		116,491			113,286		228,654		221,913
Interest expense:
Deposits		49,344			49,826		99,489		98,244
Borrowings		13,444			19,380		25,137		37,389
Total interest expense		62,788			69,206		124,626		135,633

Net interest income		53,703			44,080		104,028		86,280

Provision for credit losses		2,468			2,194		5,401		7,472

Net interest income after provision for credit losses		51,235			41,886		98,627		78,808

Non-interest income:
Demand deposit account fees		2,015			1,590		3,903		3,003
Bank-owned life insurance		1,990			1,804		3,849		3,584
Title insurance fees		861			744		1,507		1,247
Loan fees and service charges		1,744			1,378		2,800		2,339
Gain (loss) on securities transactions		336			—		336		(1,256	)
Change in fair value of equity securities		272			101		580		452
(Loss) gain on sale of loans		(15	)		181		500		366
Gain on sale of other real estate owned		281			—		281		—
Other non-interest income		2,689			3,382		4,888		6,897
Total non-interest income		10,173			9,180		18,644		16,632

Non-interest expense:
Compensation and employee benefits		28,933			27,659		57,516		55,172
Occupancy		5,968			6,054		12,153		12,027
Federal deposit insurance premiums		1,739			1,879		3,619		4,234
Advertising		563			661		1,094		1,287
Professional fees		3,519			4,509		6,034		9,143
Data processing and software expenses		4,103			3,914		8,164		7,881
Merger-related expenses		—			692		—		714
Other non-interest expense, net		81			879		171		1,447
Total non-interest expense		44,906			46,247		88,751		91,905

Income before income tax expense		16,502			4,819		28,520		3,535

Income tax expense		4,197			279		7,315		150

Net income	$	12,305		$	4,540	$	21,205	$	3,385

Earnings per share-basic	$	0.12		$	0.04	$	0.21	$	0.03
Earnings per share-diluted	$	0.12		$	0.04	$	0.21	$	0.03
Weighted average shares outstanding-basic		101,985,784			101,651,511		101,898,636		101,699,126
Weighted average shares outstanding-diluted		101,985,784			101,651,511		101,898,636		101,804,386

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Average Balances/Yields

	For the Three Months Ended June 30,
	2025								2024
	Average Balance			Interest and Dividends		Yield / Cost			Average Balance			Interest and Dividends		Yield / Cost
	(Dollars in thousands)
Interest-earnings assets:
Loans	$	8,059,332		$	99,646		4.96	%	$	7,774,052		$	95,252		4.93	%
Securities		1,493,913			13,223		3.55	%		1,633,801			11,743		2.89	%
Other interest-earning assets		281,611			3,622		5.16	%		401,633			6,291		6.30	%
Total interest-earning assets		9,834,856			116,491		4.75	%		9,809,486			113,286		4.64	%
Non-interest-earning assets		860,948								871,525
Total assets	$	10,695,804							$	10,681,011

Interest-bearing liabilities:
Interest-bearing demand	$	1,938,459		$	10,898		2.25	%	$	1,948,389		$	13,708		2.83	%
Money market accounts		1,332,835			9,424		2.84	%		1,220,774			8,323		2.74	%
Savings and club deposits		645,167			1,114		0.69	%		674,793			1,370		0.82	%
Certificates of deposit		2,788,547			27,908		4.01	%		2,545,967			26,425		4.17	%
Total interest-bearing deposits		6,705,008			49,344		2.95	%		6,389,923			49,826		3.14	%
FHLB advances		1,218,442			13,303		4.38	%		1,576,514			19,219		4.90	%
Junior subordinated debentures		7,045			141		8.03	%		7,023			161		9.22	%
Total borrowings		1,225,487			13,444		4.40	%		1,583,537			19,380		4.92	%
Total interest-bearing liabilities		7,930,495		$	62,788		3.18	%		7,973,460		$	69,206		3.49	%

Non-interest-bearing liabilities:
Non-interest-bearing deposits		1,443,627								1,416,047
Other non-interest-bearing liabilities		215,390								260,107
Total liabilities		9,589,512								9,649,614
Total stockholders’ equity		1,106,292								1,031,397
Total liabilities and stockholders’ equity	$	10,695,804							$	10,681,011

Net interest income				$	53,703							$	44,080
Interest rate spread							1.57	%							1.15	%
Net interest-earning assets	$	1,904,361							$	1,836,026
Net interest margin							2.19	%							1.81	%
Ratio of interest-earning assets to interest-bearing liabilities		124.01	%							123.03	%

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Average Balances/Yields

	For the Six Months Ended June 30,
	2025								2024
	Average Balance			Interest and Dividends		Yield / Cost			Average Balance			Interest and Dividends		Yield / Cost
	(Dollars in thousands)
Interest-earnings assets:
Loans	$	7,977,402		$	194,756		4.92	%	$	7,788,459		$	188,201		4.86	%
Securities		1,485,771			25,776		3.50	%		1,588,767			21,897		2.77	%
Other interest-earning assets		299,424			8,122		5.47	%		383,989			11,815		6.19	%
Total interest-earning assets		9,762,597			228,654		4.72	%		9,761,215			221,913		4.57	%
Non-interest-earning assets		866,499								861,632
Total assets	$	10,629,096							$	10,622,847

Interest-bearing liabilities:
Interest-bearing demand	$	1,999,157		$	22,438		2.26	%	$	1,973,569		$	27,092		2.76	%
Money market accounts		1,307,676			18,662		2.88	%		1,227,857			17,093		2.80	%
Savings and club deposits		647,201			2,221		0.69	%		681,664			2,607		0.77	%
Certificates of deposit		2,772,808			56,168		4.08	%		2,531,145			51,452		4.09	%
Total interest-bearing deposits		6,726,842			99,489		2.98	%		6,414,235			98,244		3.08	%
FHLB advances		1,140,113			24,857		4.40	%		1,511,830			37,067		4.93	%
Junior subordinated debentures		7,041			280		8.02	%		7,020			322		9.22	%
Total borrowings		1,147,154			25,137		4.42	%		1,518,850			37,389		4.95	%
Total interest-bearing liabilities		7,873,996		$	124,626		3.19	%		7,933,085		$	135,633		3.44	%

Non-interest-bearing liabilities:
Non-interest-bearing deposits		1,438,262								1,404,161
Other non-interest-bearing liabilities		218,314								248,514
Total liabilities		9,530,572								9,585,760
Total stockholders’ equity		1,098,524								1,037,087
Total liabilities and stockholders’ equity	$	10,629,096							$	10,622,847

Net interest income				$	104,028							$	86,280
Interest rate spread							1.53	%							1.13	%
Net interest-earning assets	$	1,888,601							$	1,828,130
Net interest margin							2.15	%							1.78	%
Ratio of interest-earning assets to interest-bearing liabilities		123.99	%							123.04	%

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Components of Net Interest Rate Spread and Margin

	Average Yields/Costs by Quarter
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Yield on interest-earning assets:
Loans		4.96	%		4.89	%		4.88	%		5.00	%		4.93	%
Securities		3.55			3.45			2.99			2.90			2.89
Other interest-earning assets		5.16			5.75			6.00			6.72			6.30
Total interest-earning assets		4.75	%		4.69	%		4.61	%		4.70	%		4.64	%

Cost of interest-bearing liabilities:
Total interest-bearing deposits		2.95	%		3.01	%		3.13	%		3.21	%		3.14	%
Total borrowings		4.40			4.44			4.65			4.87			4.92
Total interest-bearing liabilities		3.18	%		3.21	%		3.38	%		3.52	%		3.49	%

Interest rate spread		1.57	%		1.48	%		1.23	%		1.18	%		1.15	%
Net interest margin		2.19	%		2.11	%		1.88	%		1.84	%		1.81	%

Ratio of interest-earning assets to interest-bearing liabilities		124.01	%		123.96	%		124.02	%		123.06	%		123.03	%

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Selected Financial Highlights

	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
SELECTED FINANCIAL RATIOS ⁽¹⁾:
Return on average assets		0.46	%		0.34	%	(0.79		)%		0.23	%		0.17	%
Core return on average assets		0.47	%		0.35	%		0.42	%		0.23	%		0.20	%
Return on average equity		4.46	%		3.31	%	(7.86		)%		2.32	%		1.77	%
Core return on average equity		4.58	%		3.37	%		4.09	%		2.29	%		2.06	%
Core return on average tangible equity		5.14	%		3.78	%		4.74	%		2.58	%		2.34	%
Interest rate spread		1.57	%		1.48	%		1.23	%		1.18	%		1.15	%
Net interest margin		2.19	%		2.11	%		1.88	%		1.84	%		1.81	%
Non-interest income to average assets		0.38	%		0.33	%	(0.88		)%		0.33	%		0.35	%
Non-interest expense to average assets		1.68	%		1.68	%		1.73	%		1.60	%		1.74	%
Efficiency ratio		70.30	%		74.57	%		205.17	%		78.95	%		86.83	%
Core efficiency ratio		69.41	%		74.20	%		73.68	%		79.14	%		85.34	%
Average interest-earning assets to average interest-bearing liabilities		124.01	%		123.96	%		124.02	%		123.06	%		123.03	%
Net charge-offs to average outstanding loans ⁽²⁾		0.04	%		0.04	%		0.07	%		0.14	%		0.03	%

⁽¹⁾ Ratios are annualized when appropriate.
⁽²⁾ The June 30, 2025 ratio includes $3.2 million of non-annualized PCD charge-offs related to the purchased commercial equipment finance loans.

ASSET QUALITY DATA:
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
	(Dollars in thousands)

Non-accrual loans	$	39,545		$	24,856		$	21,701		$	28,014		$	25,281
90+ and still accruing		—			—			—			—			—
Non-performing loans		39,545			24,856			21,701			28,014			25,281
Real estate owned		—			1,334			1,334			1,974			1,974
Total non-performing assets	$	39,545		$	26,190		$	23,035		$	29,988		$	27,255

Non-performing loans to total gross loans		0.49	%		0.31	%		0.28	%		0.36	%		0.33	%
Non-performing assets to total assets		0.37	%		0.25	%		0.22	%		0.28	%		0.25	%
Allowance for credit losses on loans (“ACL”)	$	64,467		$	62,034		$	59,958		$	58,495		$	57,062
ACL to total non-performing loans		163.02	%		249.57	%		276.29	%		208.81	%		225.71	%
ACL to gross loans		0.79	%		0.78	%		0.76	%		0.75	%		0.73	%

LOAN DATA:
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
	(In thousands)
Real estate loans:
One-to-four family	$	2,629,372		$	2,676,566		$	2,710,937		$	2,737,190		$	2,764,177
Multifamily		1,578,733			1,567,862			1,460,641			1,399,000			1,409,316
Commercial real estate		2,517,693			2,429,429			2,339,883			2,312,759			2,316,252
Construction		415,403			437,081			473,573			510,439			462,880
Commercial business loans		726,526			614,049			622,000			586,447			554,768
Consumer loans:
Home equity loans and advances		256,384			253,439			259,009			261,041			260,427
Other consumer loans		2,602			2,547			3,404			2,877			2,689
Total gross loans		8,126,713			7,980,973			7,869,447			7,809,753			7,770,509
Purchased credit deteriorated loans		11,998			10,395			11,686			11,795			12,150
Net deferred loan costs, fees and purchased premiums and discounts		36,788			35,940			35,795			35,642			36,352
Allowance for credit losses		(64,467	)		(62,034	)		(59,958	)		(58,495	)		(57,062	)
Loans receivable, net	$	8,111,032		$	7,965,274		$	7,856,970		$	7,798,695		$	7,761,949

	At June 30, 2025
	(Dollars in thousands)
	Balance		% of Gross Loans			Weighted Average Loan to Value Ratio			Weighted Average Debt Service Coverage
Multifamily Real Estate	$	1,578,733		19.8	%		59.0	%		1.86	x

Owner Occupied Commercial Real Estate	$	686,005		8.6	%		53.1	%		2.23	x

Investor Owned Commercial Real Estate:
Retail / Shopping centers	$	544,476		6.8	%		54.2	%		1.45	x
Mixed Use		209,619		2.6			58.5			2.52
Industrial / Warehouse		435,261		5.5			54.4			1.60
Non-Medical Office		167,986		2.1			51.6			1.69
Medical Office		98,801		1.2			61.0			1.49
Single Purpose		43,332		0.5			60.7			1.44
Other		332,213		4.2			50.4			1.85
Total	$	1,831,688		23.0	%		54.3	%		1.70	x

Total Multifamily and Commercial Real Estate Loans	$	4,096,426		51.3	%		55.9	%		1.85

DEPOSIT DATA:
	June 30, 2025					March 31, 2025					December 31, 2024
	Balance		Weighted Average Rate			Balance		Weighted Average Rate			Balance		Weighted Average Rate
	(Dollars in thousands)

Non-interest-bearing demand	$	1,439,951		—	%	$	1,490,243		—	%	$	1,438,030		—	%
Interest-bearing demand		1,872,265		2.03			1,935,384		2.08			2,021,312		2.19
Money market accounts		1,355,682		2.79			1,333,668		2.84			1,241,691		2.82
Savings and club deposits		644,761		0.70			651,713		0.70			652,501		0.75
Certificates of deposit		2,822,824		3.96			2,783,927		4.08			2,742,615		4.24
Total deposits	$	8,135,483		2.36	%	$	8,194,935		2.40	%	$	8,096,149		2.47	%

CAPITAL RATIOS:
	June 30,			December 31,
	2025 ⁽¹⁾			2024
Company:
Total capital (to risk-weighted assets)		14.18	%		14.20	%
Tier 1 capital (to risk-weighted assets)		13.35	%		13.40	%
Common equity tier 1 capital (to risk-weighted assets)		13.27	%		13.31	%
Tier 1 capital (to adjusted total assets)		10.37	%		10.02	%

Columbia Bank:
Total capital (to risk-weighted assets)		14.40	%		14.41	%
Tier 1 capital (to risk-weighted assets)		13.53	%		13.56	%
Common equity tier 1 capital (to risk-weighted assets)		13.53	%		13.56	%
Tier 1 capital (to adjusted total assets)		9.95	%		9.64	%

⁽¹⁾ Estimated ratios at June 30, 2025

Reconciliation of GAAP to Non-GAAP Financial Measures

Book and Tangible Book Value per Share
	June 30,			December 31,
	2025			2024
	(Dollars in thousands)

Total stockholders’ equity	$	1,120,708		$	1,080,376
Less: goodwill		(110,715	)		(110,715	)
Less: core deposit intangible		(7,933	)		(8,964	)
Total tangible stockholders’ equity	$	1,002,060		$	960,697

Shares outstanding		104,927,137			104,759,185

Book value per share	$	10.68		$	10.31
Tangible book value per share	$	9.55		$	9.17

Reconciliation of GAAP to Non-GAAP Financial Measures (continued)

Reconciliation of Core Net Income
	Three Months Ended June 30,					Six Months Ended June 30,
	2025			2024		2025			2024
	(In thousands)

Net income	$	12,305		$	4,540	$	21,205		$	3,385
Less/add: (gain) loss on securities transactions, net of tax		(251	)		—		(251	)		1,130
Add: FDIC special assessment, net of tax		—			97		—			490
Add: severance expense, net of tax		354			—		517			67
Add: merger-related expenses, net of tax		—			652		—			672
Add: litigation expenses, net of tax		242			—		242			—
Core net income	$	12,650		$	5,289	$	21,713		$	5,744

Return on Average Assets
	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
	(Dollars in thousands)

Net income	$	12,305		$	4,540		$	21,205		$	3,385

Average assets	$	10,695,804		$	10,681,011		$	10,629,096		$	10,622,847

Return on average assets		0.46	%		0.17	%		0.40	%		0.06	%

Core net income	$	12,650		$	5,289		$	21,713		$	5,744

Core return on average assets		0.47	%		0.20	%		0.41	%		0.11	%

Reconciliation of GAAP to Non-GAAP Financial Measures (continued)

Return on Average Equity
	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
	(Dollars in thousands)

Total average stockholders’ equity	$	1,106,292		$	1,031,397		$	1,098,524		$	1,037,087
Less/add: (gain)loss on securities transactions, net of tax		(251	)		—			(251	)		1,130
Add: FDIC special assessment, net of tax		—			97			—			490
Add: severance expense, net of tax		354			—			517			67
Add: merger-related expenses, net of tax		—			652			—			672
Add: litigation expenses, net of tax		242			—			242			—
Core average stockholders’ equity	$	1,106,637		$	1,032,146		$	1,099,032		$	1,039,446

Return on average equity		4.46	%		1.77	%		3.89	%		0.66	%

Core return on core average equity		4.58	%		2.06	%		3.98	%		1.11	%

Return on Average Tangible Equity
	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
	(Dollars in thousands)

Total average stockholders’ equity	$	1,106,292		$	1,031,397		$	1,098,524		$	1,037,087
Less: average goodwill		(110,715	)		(110,715	)		(110,715	)		(110,715	)
Less: average core deposit intangible		(8,241	)		(10,381	)		(8,511	)		(10,668	)
Total average tangible stockholders’ equity	$	987,336		$	910,301		$	979,298		$	915,704

Core return on average tangible equity		5.14	%		2.34	%		4.47	%		1.26	%

Reconciliation of GAAP to Non-GAAP Financial Measures (continued)

Efficiency Ratios
	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
	(Dollars in thousands)

Net interest income	$	53,703		$	44,080		$	104,028		$	86,280
Non-interest income		10,173			9,180			18,644			16,632
Total income	$	63,876		$	53,260		$	122,672		$	102,912

Non-interest expense	$	44,906		$	46,247		$	88,751		$	91,905

Efficiency ratio		70.30	%		86.83	%		72.35	%		89.30	%

Non-interest income	$	10,173		$	9,180		$	18,644		$	16,632
Less /add: (gain) loss on securities transactions		(336	)		—			(336	)		1,256
Core non-interest income	$	9,837		$	9,180		$	18,308		$	17,888

Non-interest expense	$	44,906		$	46,247		$	88,751		$	91,905
Less: FDIC special assessment, net		—			(103	)		—			(565	)
Less: severance expense		(475	)		—			(695	)		(74	)
Less: merger-related expenses		—			(692	)		—			(714	)
Less: litigation expenses		(325	)		—			(325	)		—
Core non-interest expense	$	44,106		$	45,452		$	87,731		$	90,552

Core efficiency ratio		69.41	%		85.34	%		71.71	%		86.93	%

Columbia Financial, Inc.
Investor Relations Department
(833) 550-0717

The MIL Network –

July 31, 2025

MIL-OSI: AMSC Reports First Quarter Fiscal Year 2025 Financial Results and Business Outlook

Source: GlobeNewswire (MIL-OSI)

First Quarter Financial Highlights:

Increased Revenue by 80% Year Over Year to Above $70 Million
Reported Net Income of Over $6 Million and Non-GAAP Net Income Exceeding $11 million
Achieved Gross Margin Greater than 30%

Company to host conference call tomorrow, July 31, at 10:00 am ET

AYER, Mass., July 30, 2025 (GLOBE NEWSWIRE) — AMSC (Nasdaq: AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid™ and protect and expand the capability and resiliency of our Navy’s fleet, today reported financial results for its first quarter of fiscal year 2025 ended June 30, 2025.

Revenues for the first quarter of fiscal 2025 were $72.4 million compared with $40.3 million for the same period of fiscal 2024. The year-over-year increase was driven by organic growth and the acquisition of NWL, Inc.

AMSC’s net income for the first quarter of fiscal 2025 was $6.7 million, or $0.17 per share, compared to a net loss of $2.5 million, or $0.07 per share, for the same period of fiscal 2024. The Company’s non-GAAP net income for the first quarter of fiscal 2025 was $11.6 million, or $0.30 per share, compared with a non-GAAP net income of $3.0 million, or $0.09 per share, in the same period of fiscal 2024. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.

Cash, cash equivalents, and restricted cash on June 30, 2025, totaled $213.4 million, compared with $85.4 million at March 31, 2025.

“We’ve kicked off fiscal 2025 with accelerated growth, delivering a standout first quarter marked by significant progress and exceptional execution that surpassed our expectations,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “AMSC grew fiscal first quarter revenue by 80% year-over-year, generated net income of over $6 million marking our fourth consecutive quarter of profitability, and achieved expanded gross margins surpassing 30%. Strength in the semiconductor market—driven by growing demand for applications such as artificial intelligence and data centers—contributed to our momentum, while bookings and backlog remained steady. These results highlight our continued progress in scaling the business, diversifying revenue streams, and driving outstanding financial performance. We approach the remainder of fiscal 2025 with confidence in our team and business.”

Business Outlook
For the second quarter ending September 30, 2025, AMSC expects that its revenues will be in the range of $65.0 million to $70.0 million. The Company’s net income for the second quarter of fiscal 2025 is expected to exceed $2.0 million, or $0.05 per share. The Company’s non-GAAP net income (as defined below) is expected to exceed $6.0 million, or $0.14 per share.

Conference Call Reminder
In conjunction with this announcement, AMSC management will participate in a conference call with investors beginning at 10:00 a.m. Eastern Time on Thursday, July 31, 2025, to discuss the Company’s financial results and business outlook. Those who wish to listen to the live or archived conference call webcast should visit the “Investors” section of the Company’s website at https://ir.amsc.com. The live call can be accessed by dialing 1-844-481-2802 or 1-412-317-0675 and asking to join the AMSC call. A replay of the call may be accessed 2 hours following the call by dialing 1-877-344-7529 and using conference passcode 4291224.

About AMSC (Nasdaq: AMSC)
AMSC generates the ideas, technologies and solutions that meet the world’s demand for smarter, cleaner … better energy™. Through its Gridtec™ Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance. Through its Marinetec™ Solutions, AMSC provides ship protection systems and is developing propulsion and power management solutions designed to help fleets increase system efficiencies, enhance power quality and boost operational safety. Through its Windtecc™ Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. The Company’s solutions are enhancing the performance and reliability of power networks, increasing the operational safety of navy fleets, and powering gigawatts of renewable energy globally. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe and North America. For more information, please visit www.amsc.com.

AMSC, American Superconductor, D-VAR, D-VAR VVO, Gridtec, Marinetec, Windtec, Neeltran, NEPSI, NWL, Smarter, Cleaner … Better Energy, and Orchestrate the Rhythm and Harmony of Power on the Grid are trademarks or registered trademarks of American Superconductor Corporation. All other brand names, product names, trademarks or service marks belong to their respective holders.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Any statements in this release regarding execution of our goals and strategies, including scaling our business and diversifying revenue streams; growing demand for applications such as artificial intelligence and data centers; backlog; expectations regarding the second quarter of fiscal 2025; our expected GAAP and non-GAAP financial results for the quarter ending September 30, 2025; and other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements represent management’s current expectations and are inherently uncertain. There are a number of important factors that could materially impact the value of our common stock or cause actual results to differ materially from those indicated by such forward-looking statements. These important factors include, but are not limited to: We have not been historically profitable, which may recur in the future. Our operating results may fluctuate significantly from quarter to quarter and may fall below expectations in any particular fiscal quarter; While we generated positive operating cash flow in fiscal 2024 and the prior year, we have a history of negative operating cash flows, and we may require additional financing in the future, which may not be available to us; Our technology and products could infringe intellectual property rights of others, which may require costly litigation and, if we are not successful, could cause us to pay substantial damages and disrupt our business; Changes in exchange rates could adversely affect our results of operations; If we fail to maintain proper and effective internal control over financial reporting, our ability to produce accurate and timely financial statements could be impaired and may lead investors and other users to lose confidence in our financial data; We may be required to issue performance bonds, which restricts our ability to access any cash used as collateral for the bonds; We may not realize all of the sales expected from our backlog of orders and contracts; If we fail to implement our business strategy successfully, our financial performance could be harmed; We rely upon third-party suppliers for the components and subassemblies of many of our Grid and Wind products, making us vulnerable to supply shortages and price fluctuations, which could harm our business; Our contracts with the U.S. and Canadian governments are subject to audit, modification or termination by such governments and include certain other provisions in favor of the governments. The continued funding of such contracts may remain subject to annual legislative appropriation, which, if not approved, could reduce our revenue and lower or eliminate our profit; Changes in U.S. government defense spending could negatively impact our financial position, results of operations, liquidity and overall business; Our business and operations may be materially adversely impacted in the event of a failure or security breach of our or any critical third parties’ IT Systems or Confidential Information; Failure to comply with evolving data privacy and data protection laws and regulations or to otherwise protect personal data, may adversely impact our business and financial results; Our success is dependent upon attracting and retaining qualified personnel and our inability to do so could significantly damage our business and prospects; We may acquire additional complementary businesses or technologies, which may require us to incur substantial costs for which we may never realize the anticipated benefits; A significant portion of our Wind segment revenues are derived from a single customer. If this customer’s business is negatively affected, it could adversely impact our business; Our success in addressing the wind energy market is dependent on the manufacturers that license our designs; Many of our revenue opportunities are dependent upon subcontractors and other business collaborators; Problems with product quality or product performance may cause us to incur warranty expenses and may damage our market reputation and prevent us from achieving increased sales and market share; Many of our customers outside of the United States may be either directly or indirectly related to governmental entities, and we could be adversely affected by violations of the United States Foreign Corrupt Practices Act and similar worldwide anti-bribery laws outside the United States; We have had limited success marketing and selling our superconductor products and system-level solutions, and our failure to more broadly market and sell our products and solutions could lower our revenue and cash flow; We or third parties on whom we depend may be adversely affected by natural disasters, including events resulting from climate change, and our business continuity and disaster recovery plans may not adequately protect us or our value chain from such events; Uncertainty surrounding our prospects and financial condition may have an adverse effect on our customer and supplier relationships; Pandemics, epidemics, or other public health crises may adversely impact our business, financial condition and results of operations; Adverse changes in domestic and global economic conditions could adversely affect our operating results; Our international operations are subject to risks that we do not face in the United States, which could have an adverse effect on our operating results; Our products face competition, which could limit our ability to acquire or retain customers; We have operations in, and depend on sales in, emerging markets, including India, and global conditions could negatively affect our operating results or limit our ability to expand our operations outside of these markets. Changes in India’s political, social, regulatory and economic environment may affect our financial performance; Industry consolidation could result in more powerful competitors and fewer customers; Our success could depend upon the commercial adoption of the REG system, which is currently limited, and a widespread commercial market for our REG products may not develop; Increasing focus and scrutiny on environmental sustainability and social initiatives could adversely impact our business and financial results; Growth of the wind energy market depends largely on the availability and size of government subsidies, economic incentives and legislative programs designed to support the growth of wind energy; Lower prices for other energy sources may reduce the demand for wind energy development, which could have a material adverse effect on our ability to grow our Wind business; We may be unable to adequately prevent disclosure of trade secrets and other proprietary information; Our patents may not provide meaningful or long-term protection for our technology, which could result in us losing some or all of our market position; Third parties have or may acquire patents that cover the materials, processes and technologies we use or may use in the future to manufacture our Amperium products, and our success depends on our ability to license such patents or other proprietary rights; There are a number of technological challenges that must be successfully addressed before our superconductor products can gain widespread commercial acceptance, and our inability to address such technological challenges could adversely affect our ability to acquire customers for our products; Our common stock has experienced, and may continue to experience, market price and volume fluctuations, which may prevent our stockholders from selling our common stock at a profit and could lead to costly litigation against us that could divert our management’s attention; Unfavorable results of legal proceedings could have a material adverse effect on our business, operating results and financial condition and the other important factors discussed under the caption “Risk Factors” in Part 1. Item 1A of our Form 10-K for the fiscal year ended March 31, 2025, and our other reports filed with the SEC. These important factors, among others, could cause actual results to differ materially from those indicated by forward-looking statements made herein and presented elsewhere by management from time to time. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data)

	Three Months Ended June 30,
	2025		2024
Revenues
Grid	$	60,087	$	32,336
Wind		12,271		7,954
Total revenues		72,358		40,290

Cost of revenues		47,869		28,065

Gross margin		24,489		12,225

Operating expenses:
Research and development		4,304		2,286
Selling, general and administrative		14,204		8,898
Amortization of acquisition-related intangibles		337		412
Change in fair value of contingent consideration		—		3,920
Total operating expenses		18,845		15,516

Operating income (loss)		5,644		(3,291	)

Interest income, net		932		1,120
Other income (expense), net		347		(160	)
Income (loss) before income tax expense		6,923		(2,331	)

Income tax expense		199		193

Net income (loss)	$	6,724	$	(2,524	)

Net income (loss) per common share
Basic	$	0.17	$	(0.07	)
Diluted	$	0.17	$	(0.07	)

Weighted average number of common shares outstanding
Basic		38,875		35,676
Diluted		39,742		35,676

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data)

	June 30, 2025			March 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	207,890		$	79,494
Accounts receivable, net		54,684			46,186
Inventory, net		71,602			71,169
Prepaid expenses and other current assets		13,332			8,055
Restricted cash		1,349			1,613
Total current assets		348,857			206,517

Property, plant and equipment, net		38,521			38,572
Intangibles, net		5,579			5,916
Right-of-use assets		4,041			3,829
Goodwill		48,164			48,164
Restricted cash		4,180			4,274
Deferred tax assets		1,262			1,178
Equity-method investments		1,406			1,113
Other assets		836			958
Total assets	$	452,846		$	310,521

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable and accrued expenses	$	38,401		$	32,282
Lease liability, current portion		854			685
Deferred revenue, current portion		66,055			66,797
Total current liabilities		105,310			99,764

Deferred revenue, long term portion		9,836			9,336
Lease liability, long term portion		2,906			2,684
Deferred tax liabilities		1,647			1,595
Other liabilities		31			28
Total liabilities		119,730			113,407

Stockholders’ equity:
Common stock, $0.01 par value, 75,000,000 shares authorized; 45,564,273 and 39,887,536 shares issued and 45,160,922 and 39,484,185 shares outstanding at June 30, 2025 and March 31, 2025, respectively		456			399
Additional paid-in capital		1,388,948			1,259,540
Treasury stock, at cost, 403,351 at June 30, 2025 and March 31, 2025		(3,765	)		(3,765	)
Accumulated other comprehensive income		1,378			1,565
Accumulated deficit		(1,053,901	)		(1,060,625	)
Total stockholders’ equity		333,116			197,114
Total liabilities and stockholders’ equity	$	452,846		$	310,521

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)

	Three Months Ended June 30,
	2025			2024
Cash flows from operating activities:

Net income (loss)	$	6,724		$	(2,524	)
Adjustments to reconcile net income (loss) to net cash provided by operations:
Depreciation and amortization		1,229			1,008
Stock-based compensation expense		4,526			1,229
Provision for excess and obsolete inventory		711			503
Amortization of operating lease right-of-use assets		243			192
Deferred income taxes		7			(2	)
Earnings from equity method investments		(293	)		—
Change in fair value of contingent consideration		—			3,920
Other non-cash items		140			(3	)
Changes in operating asset and liability accounts:
Accounts receivable		(8,512	)		2,786
Inventory		(1,046	)		(3,799	)
Prepaid expenses and other assets		(5,084	)		(3,099	)
Operating leases		(64	)		(195	)
Accounts payable and accrued expenses		6,321			(1,734	)
Deferred revenue		(777	)		5,127
Net cash provided by operating activities		4,125			3,409

Cash flows from investing activities:
Purchases of property, plant and equipment		(814	)		(265	)
Change in other assets		79			245
Net cash used in investing activities		(735	)		(20	)

Cash flows from financing activities:
Repayment of debt		—			(16	)
Employee taxes paid related to net settlement of equity awards		—			(126	)
Proceeds from public equity offering, net of offering expenses		124,577			—
Net cash provided by (used in) financing activities		124,577			(142	)

Effect of exchange rate changes on cash		71			(4	)

Net increase in cash, cash equivalents and restricted cash		128,038			3,243
Cash, cash equivalents and restricted cash at beginning of period		85,381			92,280
Cash, cash equivalents and restricted cash at end of period	$	213,419		$	95,523

RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (In thousands, except per share data)

	Three Months Ended June 30,
	2025		2024
Net income (loss)	$	6,724	$	(2,524	)
Stock-based compensation		4,526		1,229
Amortization of acquisition-related intangibles		337		412
Change in fair value of contingent consideration		—		3,920
Non-GAAP net income	$	11,587	$	3,037

Non-GAAP net income per share – basic	$	0.30	$	0.09
Non-GAAP net income per share – diluted	$	0.29	$	0.08
Weighted average shares outstanding – basic		38,875		35,676
Weighted average shares outstanding – diluted		39,742		37,032

Reconciliation of Forecast GAAP Net Income to Non-GAAP Net Income (In millions, except per share data)

	Three Months Ending
	September 30, 2025
Net income		$	2.0
Stock-based compensation			3.7
Amortization of acquisition-related intangibles			0.3
Non-GAAP net income		$	6.0
Non-GAAP net income per share		$	0.14
Shares outstanding			43.5

Note: Non-GAAP net income is defined by the Company as net income before stock-based compensation; amortization of acquisition-related intangibles; change in fair value of contingent consideration, other non-cash or unusual charges, and the tax effect of adjustments calculated at the relevant rate for our non-GAAP metric. The Company believes non-GAAP net income and non-GAAP net income per share assist management and investors in comparing the Company’s performance across reporting periods on a consistent basis by excluding these non-cash, non-recurring or other charges that it does not believe are indicative of its core operating performance. Actual GAAP and non-GAAP net income for the fiscal quarter ending September 30, 2025, including the above adjustments, may differ materially from those forecasted in the table above. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP measure included in this release, however, should be considered in addition to, and not as a substitute for or superior to, net income or other measures of financial performance prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP net income is set forth in the table above.

Contacts:

AMSC Director, Communications:
Nicol Golez
978-399-8344
Nicol.Golez@amsc.com

Investor Relations:
Carolyn Capaccio
Phone: (212) 838-3777
amscIR@allianceadvisors.com

Public Relations:
Joe Luongo
(914) 906-5903
jluongo@rooneypartners.com

The MIL Network –

July 31, 2025

MIL-OSI USA: Coons, Schumer, Murray, Shaheen, Reed, Warner, Schatz, Kaine, Duckworth, Kelly, Bennet, Slotkin, Kim release joint statement to raise alarm about President Trump’s steep concessions to Beijing

US Senate News:

Source: United States Senator for Delaware Christopher Coons

WASHINGTON – Today, Ranking Senate Defense Appropriator Chris Coons (D-Del.), Senate Minority Leader Chuck Schumer (D-N.Y.), Senate Appropriations Vice Chair Patty Murray (D-Wash.), Senate Foreign Relations Committee Ranking Member Jeanne Shaheen (D-N.H.), Senate Armed Services Ranking Member Jack Reed (D-R.I.), Senate Intelligence Committee Vice Chairman Mark Warner (D-Va.), Senate Appropriations Subcommittee on State and Foreign Operations Ranking Member Brian Schatz (D-Hawaii), Senate Foreign Relations Committee member Tim Kaine (D-Va.), Senate Foreign Relations Committee member Tammy Duckworth (D-Ill.), Senate Armed Services Committee member Mark Kelly (D-Ariz.), Senate Intelligence Committee member Michael Bennet (D-Colo.), Senate Armed Services Committee member Elissa Slotkin (D-Mich.), and Senate Subcommittee on National Security and International Trade and Finance Ranking Member Andy Kim (D-N.J.) released the following statement about public reporting that President Trump is pausing export controls on critical technology sold to China as part of an effort to secure a trade deal with Beijing:

“President Trump has spent the past six months eroding our advantages over China, but recent developments make clear how willing his administration is to sacrifice American economic and technological leadership for symbolic “wins” with China in its self-inflicted trade war.

“In just the last two days, we have seen reporting that the Trump administration has cancelled a long-planned high-level security dialogue with Taiwan and denied the president of Taiwan the ability to transit the United States—a longstanding tradition respected by administrations of both parties. These developments come right on the heels of a decision to pave the way for the sale of advanced AI chips to China and to freeze export controls on additional American technologies enabling them to now flow to China, even as Beijing tightens export controls on the United States. Independent media reports today suggest these moves are an attempt to secure trade concessions, curry favor with President Xi Jinping, and ensure President Trump gets a visit to China. The president is demonstrating to Beijing that he can be cajoled into giving up America’s core interests.

“In the face of lackluster domestic economic forecasts and anemic interest from Beijing in achieving a real breakthrough in talks, President Trump and his economic team have ceded leverage and negotiating power to Beijing in a desperate attempt to lure President Xi to a meeting with President Trump. Even more dangerously, they risk putting American national security, technological advantage, and economic prosperity on the chopping block in order to do so.

“President Trump is handing our primary geopolitical adversary the keys to the castle of 21st century global technological dominance. Doing so will enable Chinese leadership in artificial intelligence, infusing the Chinese military with the technological advantage it needs to continue hostile operations across the globe. He is signaling his ambivalence about standing with Taiwan, our long-term partner in the region and a powerhouse of the global economy. And he is emboldening Beijing to take aggressive actions and seek even more aggressive concessions in whatever trade negotiations may follow.

“President Trump and this administration must reset their dangerously weak approach to China and make clear they will no longer accept symbolic wins in exchange for steep American concessions. An administration convinced it can renegotiate the world order needs to stop negotiating against itself.”

MIL OSI USA News –

July 31, 2025

MIL-OSI USA: Senators Coons, Cornyn’s bill to equip law enforcement with trauma kits passes Senate

US Senate News:

Source: United States Senator for Delaware Christopher Coons

WASHINGTON – U.S. Senators Chris Coons (D-Del.), John Cornyn (R-Texas), Sheldon Whitehouse (D-R.I.), Thom Tillis (R-N.C.), Mike Rounds (R-S.D.), and Dick Durbin (D-Ill.) released the following statements after their Improving Police Critical Aid for Responding to Emergencies (CARE) Act, which would equip law enforcement officers with quality trauma kits so they can respond immediately if a civilian or fellow officer experiences a traumatic injury during a call, passed the Senate:

“Our nation’s law enforcement officers keep our communities safe, and all Americans are better off when they have the resources they need to do their jobs when emergencies strike,” said Senator Coons. “As co-chair of the Senate Law Enforcement Caucus, I’m proud that my colleagues passed this bipartisan, commonsense legislation so that police officers have the trauma kits they need to save lives.”

“When responding to medical emergencies, time and access to the right tools can mean the difference between life and death,” said Senator Cornyn. “This legislation would equip law enforcement officers with high-quality trauma kits to prevent deaths due to blood loss and give patients the best chance of survival.”

“Police officers serve on the frontlines in their communities every day, and they are often first on the scene in medical emergencies,” said Senator Whitehouse. “Our bipartisan legislation would provide officers in the field with emergency trauma kits, and fund standardized training to allow them to better protect the public and save lives.”

“As a strong supporter of our brave men and women in law enforcement, I am proud to co-introduce the Improving Police CARE Act which would equip them with the tools they need to keep our communities safe,” said Senator Tillis. “Ensuring law enforcement officers have effective trauma kits will save countless law enforcement and civilian lives.”

“As the first people to arrive at the scene of an emergency, law enforcement officers must be prepared for anything and properly equipped to respond,” said Senator Rounds. “Our legislation would support equipping officers with trauma kits to control life-threatening hemorrhages in an emergency situation. This bill has the potential to save lives, and I’m pleased that it has passed the Senate.”

“It is imperative that law enforcement officers have the resources and training they need to save lives,” said Senator Durbin. “Blood loss injuries are too often deadly, especially in rural areas where it can take longer for patients to receive emergency medical care. The bipartisan Improving Police CARE Act will establish standards for trauma kits used by law enforcement, ensuring that our officers have the right tools to respond to injuries immediately and continue to serve our communities.”

U.S. Senators Ashley Moody (R-Fla.) and Maggie Hassan (D-N.H.) are cosponsors of the legislation.

Background:

Trauma kits play a vital role in preventing deaths due to blood loss. Between 30-40% of trauma-related deaths are caused by hemorrhaging, or uncontrolled bleeding, with 33-56% of them occurring before the patient arrives at the hospital. During the Iraq and Afghanistan conflicts, tourniquets and tourniquet training were widely adopted by the military for their lifesaving potential in combat. This practice has since been embraced in civilian populations given its clear survival benefit. In fact, one study found that patient survival was six times more likely when a tourniquet was used, underscoring the critical need for timely bleeding control. This is especially true in rural areas where the average EMS response time is typically double that of urban areas. Having access to a trauma kit and early bleeding control can help bridge this gap and mean the difference between life and death.

The effectiveness of a law enforcement trauma kit program depends in part on the contents and the quality of the kits. Medical professionals recommend that a kit include bleeding control supplies like tourniquets, bandages, non-latex gloves, scissors, and instructions. However, there is enormous variation in the products available on the market.

The Improving Police Critical Aid for Responding to Emergencies (CARE) Act would:

Establish baseline standards in consultation with law enforcement and medical professionals for trauma kits purchased using grant funding under the Edward Byrne Memorial Justice Assistance Grant (JAG)
And require the development of optional best practices that law enforcement agencies can adapt for training law enforcement officers to use trauma kits, and for deployment and maintenance of the kits in vehicles and government facilities

The legislation is endorsed by the National Association of Police Organizations (NAPO), International Association of Chiefs of Police (IACP), Major County Sheriffs of America (MCSA), Federal Law Enforcement Officers Association (FLEOA), NYPD Sergeants Benevolent Association (SBA), National Fraternal Order of Police (FOP), the Society of Trauma Nurses, the American College of Surgeons (ACS), and the American Trauma Society.

MIL OSI USA News –

July 31, 2025

MIL-OSI USA: Senate Banking Committee Unanimously Advances Comprehensive Housing Legislation

US Senate News:

Source: United States Senator for Idaho Mike Crapo

Washington, D.C.–The U.S. Senate Committee on Banking, Housing, and Urban Affairs, of which U.S. Senator Mike Crapo (R-Idaho) is a senior member, unanimously advanced the Renewing Opportunity in the American Dream (ROAD) to Housing Act of 2025. Senator Crapo is a co-sponsor of the legislation, which was led by Committee Chairman Tim Scott (R-South Carolina) and Ranking Member Elizabeth Warren (D-Massachusetts).

“Homes are the foundation for economic success, family stability and community cohesiveness,” said Crapo. “Unfortunately, lack of affordable housing is routinely the number one concern I hear from Idahoans. We must reform inefficient segments of U.S. housing across all markets to make the American dream of homeownership more attainable.”

The comprehensive housing package would take various steps to increase access to affordable housing for Americans across the country by expanding and preserving the housing supply, improving housing affordability, and increasing oversight and efficiency of federal regulators and housing programs. The measure contains several provisions Senator Crapo co-sponsored as standalone bills, including:

Text of the bill is available here, and a section-by-section summary is available here.

MIL OSI USA News –

July 31, 2025

MIL-OSI United Nations: Haitians in ‘despair’ following abrupt suspension of US humanitarian support

Source: United Nations 2

The cancellation of most US funding in January means many services to the most vulnerable people have been cut or put on hold.

Multiple political, security and socio-economic crises have led to 5.7 million people suffering from a lack of food and have forced 1.3 million people to flee their homes.

With a dramatic reduction in funding Haiti faces a crucial “turning point.”

UN News spoke to OCHA’s country director, Modibo Traore, about the current situation.

UN News: What is the current state of humanitarian funding in Haiti?

Humanitarian funding in Haiti is going through a critical phase, marked by a growing gap between the needs and available resources. As of 1 July, only around 8 per cent of the $908 million required had been mobilized.

This partial coverage only allows a fraction of the 3.6 million people targeted to be reached.

UN aid agencies continue to support Haitian people with humanitarian aid.

The sectors most affected are food security, access to drinking water, primary healthcare, education and protection.

This contraction in international support is part of a global context of multiple competing crises – Ukraine, Gaza, Sudan – but also reflects a loss of political interest in the Haitian issue.

UN News: What conditions in Haiti have led to such significant funding needs?

The growing humanitarian needs observed in Haiti are the result of an accumulation of structural and cyclical factors. On the socioeconomic front, multidimensional poverty affects a large part of the population.

Haiti’s exposure to natural hazards is an aggravating factor.

The country has experienced several major hurricanes that struck the southern region less than a week after an earthquake that severely affected the area, not to mention repeated droughts that have had a major impact on agriculture and livestock farming.

The downtown area of Port-au-Prince remains extremely dangerous due to gang activity.

Since 2019, a new dimension has emerged; chronic insecurity caused by the proliferation of armed groups, particularly in the capital, Port-au-Prince, and now in the Centre and Artibonite departments.

In 2024, the multidimensional crisis that has been shaking Haiti for years has become catastrophic.

The level of violence and insecurity remains high, with devastating consequences for the population, including massive displacement of people who were already in vulnerable situations.

UN News: How has the growing control of armed groups affected donor confidence?

The rise of armed groups in Haiti and their increasing control of strategic locations, particularly major roads and ports of entry to the capital, is a major obstacle to the safe and efficient delivery of humanitarian aid.

This dynamic has an impact on the risk perception of international donors, who now assess Haiti as a high-threat environment for intervention. Access to beneficiaries has become irregular in many areas.

The deterioration of the security situation represents a major challenge for mobilizing and maintaining financial commitments.

Donors have expressed concerns about operational risks, particularly regarding securing supply chains, preventing exploitation and ensuring accountability.

The operational cost of aid has also increased.

UN News: What is the impact of the new approach taken by the US administration?

On 20 January, 2025, President Donald Trump signed Executive Order 14169, which imposed an immediate suspension of all new foreign funding by US federal agencies, including humanitarian programs run by USAID and multilateral partners.

In the case of Haiti, the effects were felt through the sudden halt of approximately 80 per cent of US-funded programmes. NGO partner staff were laid off, payments were suspended, and supply chains were disrupted.

US food aid is prepared for delivery following floods in Haiti in 2022.

Beyond the structural effects, this suspension created profound uncertainty in the Haitian humanitarian system. This situation not only weakened the continuity of essential services but also affected trust between beneficiary communities and humanitarian actors.

UN News: To what extent is the current situation unprecedented?

The year 2025 marks a turning point in humanitarian aid in Haiti. This crisis is not the result of a single or isolated event, but rather a series of deteriorating situations in the context of gradually waning international attention.

The interruption of US programmes has acted as a catalyst for the crisis. USAID’s technical partners, many of whom managed community health programmes in vulnerable neighbourhoods, have ceased operations, depriving hundreds of thousands of people of vital services.

US-co-funded health centres have closed, leaving pregnant women and children without assistance.

The current crisis demonstrates the country’s growing isolation.

While previous crises had prompted rapid international solidarity, the humanitarian response to the situation in 2025 has been slow and partial.

UN News: What difficult decisions have had to be made regarding cutting aid?

The interruption of funding has forced humanitarian organizations to make ethically complex and often painful trade-offs.

In the area of protection, for example, safe spaces for women and girls have been drastically reduced.

The long-term development of Haiti is at risk as funding decreases.

Cash transfer programmes, widely used in urban areas since 2021, have also been suspended. These programmes enabled vulnerable households to maintain a minimum level of food security. Their suspension has led to a resurgence of coping mechanisms such as child labour, less food and children being taken out of school.

Resilience-building activities have also been affected. Programmes combining food security, urban agriculture, and access to water—often co-financed by USAID and UN funds—have been frozen.

This compromises not only the immediate response but also the development of medium-term solutions.

UN News: How are Haitians being affected?

Children are among the hardest hit. UNICEF and its partners have treated more than 4,600 children suffering from severe acute malnutrition, representing only 3.6 per cent of the 129,000 children expected to need treatment this year.

The proportion of institutional maternal deaths has also increased from 250 to 350 per 100,000 live births between February 2022 and April 2025.

A survivor of rape rests at a site for internally displaced people in Port-au-Prince.

In terms of security, the effects are equally worrying. Gender-based sexual violence (GBV) has increased in neighbourhoods controlled by armed groups.

In short, the withdrawal of US funding has led to a multidimensional regression in the rights of women and girls in Haiti, with consequences that are likely to last for several years.

UN News: How have people in Haiti reacted?

Beneficiaries expressed a sense of despair at the sudden suspension of the services.

In working-class neighbourhoods of Port-au-Prince as well as in remote rural areas, the cessation of food distributions, community healthcare, and cash transfers was experienced as a breach of the moral contract between communities and humanitarian institutions.

Humanitarian partners communicate transparently about the reduction of support, so communities are, to some extent, aware of the financial constraints.

MIL OSI United Nations News –

July 31, 2025

MIL-OSI: Brag House Announces Closing of $15 Million Private Placement

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 30, 2025 (GLOBE NEWSWIRE) — Brag House Holdings, Inc. (NASDAQ: TBH) (“Brag House” or the “Company”) the Gen Z engagement platform operating at the intersection of gaming, college sports, and digital media, announces today that it has closed the previously announced private investment in public equity (“PIPE”) financing. The Company received gross proceeds of approximately $15 million, before deducting placement agent fees and offering expenses.

The Company intends to use the net proceeds from the offering for general corporate purposes, including working capital.

Pursuant to the terms of the securities purchase agreement, the Company sold an aggregate of 15,000 shares of its Series B Convertible Preferred Stock convertible into 15,923,567 shares of common stock, at a conversion price of $0.942 per share of Series B Convertible Stock and an aggregate of 15,923,567 warrants to acquire up to 15,923,567 shares of common stock. The purchase price for one unit (consisting of one share of Series B Convertible Preferred Stock convertible into approximately 1,061 shares and the same number of warrants) was $1,000. The warrants issued in the offering are exercisable immediately upon issuance at an exercise price of $0.817 per share and will expire five years from the date of issuance.

Revere Securities LLC acted as the sole placement agent for the PIPE financing.

The securities being offered and sold by the Company in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the “SEC”) or an applicable exemption from such registration requirements. The securities were offered only to accredited investors. The Company has agreed to file one or more registration statements with the SEC covering the resale of the unregistered shares issuable upon the conversion of the Series B Preferred Stock and the shares issuable upon exercise of the unregistered warrants.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Brag House

Brag House is a leading media technology gaming platform dedicated to transforming casual college gaming into a vibrant, community-driven experience. By seamlessly merging gaming, social interaction, and cutting-edge technology, the Company provides an inclusive and engaging environment for casual gamers while enabling brands to authentically connect with the influential Gen Z demographic. The platform offers live-streaming capabilities, gamification features, and custom tournament services, fostering meaningful engagement between users and brands. For more information, please visit www.braghouse.com.

Caution Regarding Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. These statements are subject to uncertainties and risks including, but not limited to, the risk factors discussed in the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our Forms 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law.

Media Contact
Fatema Bhabrawala
Director of Media Relations
fbhabrawala@allianceadvisors.com

Investor Relations Contact
Adele Carey
VP, Investor Relations
ir@thebraghouse.com

The MIL Network –

July 31, 2025

MIL-OSI: Employers Holdings, Inc. Reports Second Quarter 2025 Results and Declares Regular Quarterly Dividend of $0.32 per Share

Source: GlobeNewswire (MIL-OSI)

RENO, Nev., July 30, 2025 (GLOBE NEWSWIRE) — Employers Holdings, Inc. (the “Company”) (NYSE:EIG), a holding company with subsidiaries that are specialty providers of workers’ compensation insurance and services focused on small and mid-sized businesses engaged in low-to-medium hazard industries, today reported financial results for its second quarter ended June 30, 2025.

Financial Highlights:

(All comparisons vs. the second quarter of 2024).

Net income per diluted share decreased by 2%, from $1.25 to $1.23;
Adjusted net income per diluted share decreased 56%, from $1.10 to $0.48;
Gross premiums written decreased 2%, from $207.9 million to $203.3 million;
Net premiums earned increased 6%, from $187.8 million to $198.3 million;
Loss and loss adjustment expenses ratio increased from 57.9% to 70.7%;
Commission expense ratio improved from 13.9% to 13.2%;
Underwriting expense ratio improved from 22.4% to 21.7%;
GAAP combined ratio increased from 94.2% (95.4% excluding LPT) to 105.6% (106.4% excluding LPT);
Net investment income increased 1%, from $26.9 million to $27.1 million;
Net realized and unrealized gains on investments increased from $2.2 million to $20.9 million;
Record number of ending policies in-force of 134,421, a 5% increase; and
Returned $31.4 million to stockholders through a combination of share repurchases and regular quarterly dividends.

Management Commentary

Chief Executive Officer Katherine Antonello commented: “Second quarter gross premiums written decreased slightly, with growth in smaller policy size bands offset by decreases within the middle market. Our focus on profitability over growth led to targeted underwriting actions and improved risk selection which impacted our ability and desire to grow at the same pace in certain classes and jurisdictions. Despite the reduction in gross premiums written, net premiums earned increased by 6%, and we ended the period with another record number of policies in-force, which were up 5% year-over-year.

In response to the rapid rise in cumulative trauma claims in California, we increased the accident year 2025 loss and LAE ratio on voluntary business from 66.0% in the first quarter to 69.0%. As a result of this increased loss activity, we reallocated observed favorable reserve development from accident years 2020 and prior to more recent accident years, which resulted in no net prior loss reserve development from our voluntary business during the quarter. We took this action to reflect the increased frequency of cumulative trauma claims we are experiencing in the more recent accident years and the level of uncertainty around this new trend. We intend to perform a full actuarial study in the third quarter.

Our commission expense ratio was 13.2%, versus 13.9% a year ago, driven by lower new business premiums. While our underwriting expenses increased slightly, our underwriting expense ratio decreased to 21.7% from 22.4% a year ago. We continue to find ways to reduce expenses by automating processes, delivering customer self-service capabilities, and utilizing artificial intelligence.

Lastly, we declared a regular quarterly dividend of $0.32 per share and continue to see attractive opportunities to return capital to our shareholders via share repurchases. These actions reflect our strong balance sheet, abundant underwriting capital, and the confidence in the Company’s future operations.”

Summary of Second Quarter 2025 Results

(All comparisons vs. the second quarter of 2024, unless otherwise noted).

Gross premiums written were $203.3 million, a decrease of 2%. The decrease was primarily driven by reductions in new business in the middle market. Net premiums earned were $198.3 million, an increase of 6%.

Losses and loss adjustment expenses were $140.1 million, an increase of 29%. The increase was primarily due to a higher current accident year loss and loss adjustment expense ratio of 69% and the absence of favorable prior accident year loss reserve development during the quarter. In addition, $5.5 million of loss and loss adjustment expense was recognized to increase the 2025 first quarter estimate, resulting in the calendar year loss and loss adjustment expense ratio of 70.7% (71.5% excluding LPT), versus 57.9% (59.1% excluding LPT).

Commission expense was flat at $26.1 million. The Company’s commission expense ratio was 13.2%, versus 13.9% a year ago. The decrease in the ratio was primarily related to lower agency incentive accruals, the increase in net premiums earned, and an increase in the proportion of renewal premiums, which are typically subject to a lower commission rate.

Underwriting expenses were $43.1 million, an increase of 2%. The Company’s underwriting expense ratio was 21.7%, versus 22.4% a year ago. Our increase in underwriting expenses was primarily related to a reduced internal allocation of underwriting expenses to loss adjustment expenses due to a refinement in assumptions. Excluding this allocation, underwriting expenses decreased by $3.0 million primarily driven by lower compensation-related expenses and depreciation and amortization costs offset by higher bad debt expense. Increased net earned premiums contributed to the lower underwriting expense ratio.

Net investment income was $27.1 million, an increase of 1%. The increase was primarily due to higher book yields on our fixed maturity securities.

Net realized and unrealized gains on investments reflected on the income statement were $20.9 million, versus $2.2 million. The increase is primarily attributable to increases in the fair value of the Company’s equity securities holdings.

Income tax expense was $7.3 million (19.7% effective rate), versus $8.3 million (20.8% effective rate). The effective rates during each of the periods included income tax benefits and exclusions associated with tax-advantaged investment income, LPT adjustments, deferred gain amortization and related adjustments, and tax credits utilized.

The Company’s book value per share including the deferred gain and computed after considering dividends declared was $49.44, an increase of 12.8% year-over-year and 3.1% for the second quarter of 2025. During the second quarter, this measure was favorably impacted by $7.4 million of after-tax unrealized gains arising from fixed maturity securities (which are reflected on the balance sheet) and $16.6 million of net after-tax unrealized gains arising from equity securities and other investments (which are reflected on the income statement). The Company’s adjusted book value per share computed after considering dividends declared of $51.68 increased by 8.2% year-over-year and 2.5% during the second quarter of 2025.

Third Quarter 2025 Dividend Declaration

On July 30, 2025, the Company’s Board of Directors declared a regular quarterly dividend of $0.32. The dividend is payable on August 27, 2025 to stockholders of record as of August 13, 2025.

Stock Repurchases

During the second quarter of 2025, the Company repurchased 482,000 shares of its common stock at an average price of $48.08 per share. During the period from July 1, 2025 through July 29, 2025, the Company repurchased a further 229,363 shares of its common stock at an average price of $46.44 per share. The Company currently has a remaining share repurchase authorization of $99.4 million.

Earnings Conference Call and Webcast

The Company will host a conference call on Thursday, July 31, 2025 at 11:00 a.m. Eastern Daylight Time / 8:00 a.m. Pacific Daylight Time.

To participate in the live conference call, you must first register here. Once registered you will receive dial-in numbers and a unique PIN number.

The webcast will be accessible on the Company’s website at www.employers.com through the “Investors” link.

Reconciliation of Non-GAAP Financial Measures to GAAP

The information in this press release should be read in conjunction with the Financial Supplement that is attached to this press release and available on our website.

Within this earnings release we present various financial measures, some of which are “non-GAAP financial measures” as defined in Regulation G pursuant to Section 401 of the Sarbanes – Oxley Act of 2002. A description of these non-GAAP financial measures, as well as a reconciliation of such non-GAAP measures to our most directly comparable GAAP financial measures is included in the attached Financial Supplement. Management believes that these non-GAAP measures are important to the Company’s investors, analysts and other interested parties who benefit from having an objective and consistent basis for comparison with other companies within our industry. Management further believes that these measures are more relevant than comparable GAAP measures in evaluating our financial performance.

Forward-Looking Statements

In this press release, the Company and its management discuss and make statements based on currently available information regarding their intentions, beliefs, current expectations, and projections of, among other things, the Company’s future performance, economic or market conditions, including current or future levels of inflation, potential implications of increased tariffs, changes in interest rates, labor market expectations, catastrophic events or geo-political conditions, legislative or regulatory actions or court decisions, business growth, retention rates, loss costs, claim trends and the impact of key business initiatives, future technologies and planned investments. Certain of these statements may constitute “forward-looking” statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and are often identified by words such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “target,” “project,” “intend,” “believe,” “estimate,” “predict,” “potential,” “pro forma,” “seek,” “likely,” or “continue,” or other comparable terminology and their negatives. The Company and its management caution investors that such forward-looking statements are not guarantees of future performance. Risks and uncertainties are inherent in the Company’s future performance. Factors that could cause the Company’s actual results to differ materially from those indicated by such forward-looking statements include, among other things, those discussed or identified from time to time in the Company’s public filings with the Securities and Exchange Commission (SEC), including the risks detailed in the Company’s Quarterly Reports on Form 10-Q and the Company’s Annual Reports on Form 10-K. Except as required by applicable securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Filings with the SEC

The Company’s filings with the SEC and its quarterly investor presentations can be accessed through the “Investors” link on the Company’s website, www.employers.com. The Company’s filings with the SEC can also be accessed through the SEC’s EDGAR Database at www.sec.gov (EDGAR CIK No. 0001379041).

About Employers Holdings, Inc.

Employers Holdings, Inc. (NYSE: EIG), is a holding company with subsidiaries that are specialty providers of workers’ compensation insurance and services (collectively “EMPLOYERS®”) focused on small and mid-sized businesses engaged in low-to-medium hazard industries. EMPLOYERS leverages over a century of experience to deliver comprehensive coverage solutions that meet the unique needs of its customers. Drawing from its long history and extensive knowledge, EMPLOYERS empowers businesses by protecting their most valuable asset – their employees – through exceptional claims management, loss control, and risk management services, creating safer work environments.

EMPLOYERS is also proud to offer Cerity®, which is focused on providing digital-first, direct-to-consumer workers’ compensation insurance solutions with fast, and affordable coverage options through a user-friendly online platform.

EMPLOYERS operates throughout the United States, apart from four states that are served exclusively by their state funds. Insurance is offered through Employers Insurance Company of Nevada, Employers Compensation Insurance Company, Employers Preferred Insurance Company, Employers Assurance Company and Cerity Insurance Company, all rated A (Excellent) by AM Best. Not all companies do business in all jurisdictions. EIG Services, Inc., and Cerity Services, Inc., are subsidiaries of Employers Holdings, Inc. EMPLOYERS® is a registered trademark of EIG Services, Inc., and Cerity® is a registered trademark of Cerity Services, Inc. For more information, please visit www.employers.com and www.cerity.com.

Contact Information

Michael Pedraja (775) 327-2706 or mpedraja@employers.com

EMPLOYERS HOLDINGS, INC.
Table of Contents

	Page

	1		Consolidated Financial Highlights

	2		Summary Consolidated Balance Sheets

	3		Summary Consolidated Income Statements

	4		Return on Equity

	5		Combined Ratios

	6		Roll-forward of Unpaid Losses and LAE

	7		Consolidated Investment Portfolio

	8		Book Value Per Share

	9		Earnings Per Share

	10		Non-GAAP Financial Measures

EMPLOYERS HOLDINGS, INC. Consolidated Financial Highlights (unaudited) $ in millions, except per share amounts

	Three Months Ended									Six Months Ended
	June 30,									June 30,
		2025			2024		% change				2025			2024		% change
*Selected financial highlights:*
Gross premiums written	$	203.3		$	207.9		(2	)	%	$	415.4		$	418.7		(1	)	%
Net premiums written		201.5			206.1		(2	)			411.8			415.2		(1	)
Net premiums earned		198.3			187.8		6				381.3			372.6		2
Net investment income		27.1			26.9		1				59.2			53.8		10
Net income excluding LPT⁽¹⁾		28.0			29.6		(5	)			39.2			55.8		(30	)
Adjusted net income⁽¹⁾		11.5			27.9		(59	)			32.8			45.1		(27	)
Net Income before income taxes		37.0			40.0		(8	)			52.9			75.3		(30	)
Net Income		29.7			31.7		(6	)			42.5			60.0		(29	)
Comprehensive income		37.2			29.6		26				71.8			47.0		53
Total assets											3,543.3			3,550.0		—
Stockholders’ equity											1,083.1			1,022.9		6
Stockholders’ equity including the Deferred Gain⁽²⁾											1,173.8			1,118.2		5
Adjusted stockholders’ equity⁽²⁾											1,227.0			1,217.2		1
Annualized adjusted return on stockholders’ equity⁽³⁾		3.7	%		9.2	%	(60	)	%		5.3	%		7.5	%	(29	)	%
*Amounts per share:*
Cash dividends declared per share	$	0.32		$	0.30		7		%	$	0.62		$	0.58		7		%
Earnings per diluted share⁽⁴⁾		1.23			1.25		(2	)			1.74			2.36		(26	)
Earnings per diluted share excluding LPT⁽⁴⁾		1.16			1.17		(1	)			1.61			2.19		(26	)
Adjusted earnings per diluted share⁽⁴⁾		0.48			1.10		(56	)			1.35			1.77		(24	)
Book value per share⁽²⁾											45.62			41.09		11
Book value per share including the Deferred Gain⁽²⁾											49.44			44.91		10
Adjusted book value per share⁽²⁾											51.68			48.89		6
Combined ratio excluding LPT:⁽⁵⁾:
Loss and loss adjustment expense ratio:
Current Year		71.4	%		63.9	%					68.8	%		64.1	%
Prior Year		0.1			(4.8	)					0.5			(2.5	)
Loss and loss adjustment expense ratio		71.5	%		59.1	%					69.3	%		61.6	%
Commission expense ratio		13.2	%		13.9	%					12.9	%		13.7	%
Underwriting expense ratio		21.7	%		22.4	%					22.6	%		23.7	%
Combined ratio excluding LPT		106.4	%		95.4	%					104.8	%		99.0	%


(1) See Page 3 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
(2) See Page 8 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
(3) See Page 4 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
(4) See Page 9 for description and calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
(5) See Pages 5 for details and Page 10 for information regarding our use of Non-GAAP Financial Measures.

EMPLOYERS HOLDINGS, INC. Summary Consolidated Balance Sheets (unaudited) $ in millions, except per share amounts

	June 30, 2025			December 31, 2024
ASSETS
Investments, cash and cash equivalents	$	2,529.5		$	2,532.4
Accrued investment income		15.7			15.7
Premiums receivable, net		382.0			361.3
Reinsurance recoverable, net of allowance, on paid and unpaid losses and LAE		407.3			417.8
Deferred policy acquisition costs		64.0			59.6
Deferred income tax asset, net		29.4			38.3
Other assets		115.4			116.2
Total assets	$	3,543.3		$	3,541.3

LIABILITIES
Unpaid losses and LAE	$	1,786.8		$	1,808.2
Unearned premiums		429.6			402.2
Commissions and premium taxes payable		62.8			65.8
Deferred Gain		90.7			94.0
Other liabilities		90.3			102.4
Total liabilities	$	2,460.2		$	2,472.6

STOCKHOLDERS’ EQUITY
Common stock and additional paid-in capital	$	426.3		$	424.8
Retained earnings		1,500.2			1,472.9
Accumulated other comprehensive loss		(53.2	)		(82.5	)
Treasury stock, at cost		(790.2	)		(746.5	)
Total stockholders’ equity		1,083.1			1,068.7
Total liabilities and stockholders’ equity	$	3,543.3		$	3,541.3

Stockholders’ equity including the Deferred Gain ⁽¹⁾	$	1,173.8		$	1,162.7
Adjusted stockholders’ equity ⁽¹⁾		1,227.0			1,245.2
Book value per share ⁽¹⁾	$	45.62		$	43.52
Book value per share including the Deferred Gain⁽¹⁾		49.44			47.35
Adjusted book value per share ⁽¹⁾		51.68			50.71

(1) See Page 8 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.

EMPLOYERS HOLDINGS, INC. Summary Consolidated Income Statements (unaudited) $ in millions

	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2025			2024			2025			2024
Revenues:
Net premiums earned	$	198.3		$	187.8		$	381.3		$	372.6
Net investment income		27.1			26.9			59.2			53.8
Net realized and unrealized gains on investments⁽¹⁾		20.9			2.2			8.1			13.6
Other income		—			0.1			0.3			0.1
Total revenues		246.3			217.0			448.9			440.1
Expenses:
Losses and LAE incurred		(140.1	)		(108.8	)		(260.8	)		(225.3	)
Commission expense		(26.1	)		(26.0	)		(49.1	)		(51.1	)
Underwriting expenses		(43.1	)		(42.2	)		(86.0	)		(88.4	)
Interest and financing expenses		—			—			(0.1	)		—
Total expenses		(209.3	)		(177.0	)		(396.0	)		(364.8	)
Net income before income taxes		37.0			40.0			52.9			75.3
Income tax expense		(7.3	)		(8.3	)		(10.4	)		(15.3	)
Net Income		29.7			31.7			42.5			60.0
Unrealized AFS investment gains (losses) arising during the period, net of tax⁽²⁾		7.4			(4.9	)		28.5			(16.5	)
Reclassification adjustment for net realized AFS investment losses in net income, net of tax⁽²⁾		0.1			2.8			0.8			3.5
Total comprehensive income	$	37.2		$	29.6		$	71.8		$	47.0
Net Income	$	29.7		$	31.7		$	42.5		$	60.0
Amortization of the Deferred Gain – losses		(1.7	)		(1.5	)		(3.3	)		(3.0	)
Amortization of the Deferred Gain – contingent commission		—			(0.4	)		—			(0.8	)
LPT contingent commission adjustments		—			(0.2	)		—			(0.4	)
Net income excluding LPT Agreement ⁽³⁾		28.0			29.6			39.2			55.8
Net realized and unrealized gains on investments		(20.9	)		(2.2	)		(8.1	)		(13.6	)
Income tax expense related to items excluded from Net income		4.4			0.5			1.7			2.9
Adjusted net income	$	11.5		$	27.9		$	32.8		$	45.1

(1) Includes unrealized gains on equity securities and other investments of $19.6 million and $2.0 million for the three months ended June 30, 2025 and 2024, respectively, and $7.9 million and $14.7 million for the six months ended June 30, 2025 and 2024, respectively.
(2) AFS = Available for Sale securities.
(3) See Page 10 regarding our use of Non-GAAP Financial Measures.

EMPLOYERS HOLDINGS, INC. Return on Equity (unaudited) $ in millions

		Three Months Ended						Six Months Ended
		June 30,						June 30,
			2025			2024			2025			2024

Net income	A	$	29.7		$	31.7		$	42.5		$	60.0
Impact of the LPT Agreement			(1.7	)		(2.1	)		(3.3	)		(4.2	)
Net realized and unrealized gains on investments			(20.9	)		(2.2	)		(8.1	)		(13.6	)
Income tax expense related to items excluded from Net income			4.4			0.5			1.7			2.9
Adjusted net income ⁽¹⁾	B		11.5			27.9			32.8			45.1

Stockholders’ equity – end of period		$	1,083.1		$	1,022.9		$	1,083.1		$	1,022.9
Stockholders’ equity – beginning of period			1,075.7			1,018.9			1,068.7			1,013.9
Average stockholders’ equity	C		1,079.4			1,020.9			1,075.9			1,018.4

Stockholders’ equity – end of period		$	1,083.1		$	1,022.9		$	1,083.1		$	1,022.9
Deferred Gain – end of period			90.7			95.3			90.7			95.3
Accumulated other comprehensive loss – end of period			67.3			125.3			67.3			125.3
Income taxes related to accumulated other comprehensive loss – end of period			(14.1	)		(26.3	)		(14.1	)		(26.3	)
Adjusted stockholders’ equity – end of period			1,227.0			1,217.2			1,227.0			1,217.2
Adjusted stockholders’ equity – beginning of period			1,228.8			1,213.0			1,245.2			1,199.1
Average adjusted stockholders’ equity ⁽¹⁾	D		1,227.9			1,215.1			1,236.1			1,208.2

Return on stockholders’ equity	A / C		2.8	%		3.1	%		4.0	%		5.9	%
Annualized return on stockholders’ equity			11.0			12.4			7.9			11.8

Adjusted return on stockholders’ equity ⁽¹⁾	B / D		0.9	%		2.3	%		2.7	%		3.7	%
Annualized adjusted return on stockholders’ equity ⁽¹⁾			3.7			9.2			5.3			7.5

(1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.

EMPLOYERS HOLDINGS, INC. Combined Ratios (unaudited) $ in millions, except per share amounts

		Three Months Ended						Six Months Ended
		June 30,						June 30,
			2025			2024			2025			2024

Net premiums earned	A	$	198.3		$	187.8		$	381.3		$	372.6
Losses and LAE incurred	B		140.1			108.8			260.8			225.3
Amortization of deferred reinsurance gain – losses			1.7			1.5			3.3			3.0
Amortization of deferred reinsurance gain – contingent commission			—			0.4			—			0.8
LPT contingent commission adjustments			—			0.2			—			0.4
Losses and LAE excluding LPT⁽¹⁾	C	$	141.8		$	110.9			264.1			229.5
Prior year loss reserve development			0.3			(9.1	)		1.6			(9.2	)
Losses and LAE excluding LPT – current accident year	D	$	141.5		$	120.0		$	262.5		$	238.7
Commission expense	E	$	26.1		$	26.0		$	49.1		$	51.1
Underwriting expenses	F	$	43.1		$	42.2		$	86.0		$	88.4
GAAP combined ratio:
Loss and LAE ratio	B/A		70.7	%		57.9	%		68.4	%		60.5	%
Commission expense ratio	E/A		13.2			13.9			12.9			13.7
Underwriting expense ratio	F/A		21.7			22.4			22.6			23.7
GAAP combined ratio			105.6	%		94.2	%		103.9	%		97.9	%
Combined ratio excluding LPT:⁽¹⁾
Loss and LAE ratio excluding LPT	C/A		71.5	%		59.1	%		69.3	%		61.6	%
Commission expense ratio	E/A		13.2			13.9			12.9			13.7
Underwriting expense ratio	F/A		21.7			22.4			22.6			23.7
Combined ratio excluding LPT			106.4	%		95.4	%		104.8	%		99.0	%
Combined ratio excluding LPT: current accident year:⁽¹⁾
Loss and LAE ratio excluding LPT	D/A		71.4	%		63.9	%		68.8	%		64.1	%
Commission expense ratio	E/A		13.2			13.9			12.9			13.7
Underwriting expense ratio	F/A		21.7			22.4			22.6			23.7
Combined ratio excluding LPT: current accident year			106.3	%		100.2	%		104.3	%		101.5	%

(1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.

EMPLOYERS HOLDINGS, INC. Roll-forward of Unpaid Losses and LAE (unaudited) $ in millions

	Three Months Ended					Six Months Ended
	June 30,					June 30,
		2025		2024			2025		2024

Unpaid losses and LAE at beginning of period	$	1,792.6	$	1,874.5		$	1,808.2	$	1,884.5
Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE		407.1		424.0			412.4		428.4
Net unpaid losses and LAE at beginning of period		1,385.5		1,450.5			1,395.8		1,456.1
Losses and LAE incurred:
Current year losses		141.5		120.0			262.5		238.7
Prior year losses on voluntary business		—		(9.3	)		0.7		(9.3	)
Prior year losses on involuntary business		0.3		0.2			0.9		0.1
Total losses incurred		141.8		110.9			264.1		229.5
Losses and LAE paid:
Current year losses		26.0		24.1			34.0		30.9
Prior year losses		115.5		104.7			240.1		222.1
Total paid losses		141.5		128.8			274.1		253.0
Net unpaid losses and LAE at end of period		1,385.8		1,432.6			1,385.8		1,432.6
Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE		401.0		418.3			401.0		418.3
Unpaid losses and LAE at end of period	$	1,786.8	$	1,850.9		$	1,786.8	$	1,850.9

Total losses and LAE shown in the above table exclude amortization of the Deferred Gain and LPT contingent commission adjustments, which totaled $1.7 million and $2.1 million for the three months ended June 30, 2025 and 2024, respectively, and $3.3 million and $4.2 million, for the six months ended June 30, 2025 and 2024, respectively.

EMPLOYERS HOLDINGS, INC. Consolidated Investment Portfolio (unaudited) $ in millions

	June 30, 2025									December 31, 2024
Investment Positions:	Cost or Amortized Cost ⁽¹⁾		Net Unrealized Gain (Loss)			Fair Value		%		Fair Value		%
Fixed maturity securities	$	2,145.5	$	(67.4	)	$	2,077.0	82	%	$	2,097.4	83	%
Equity securities		155.5		120.1			275.6	11			259.8	10
Short-term investments		9.0		—			9.0	—			0.1	—
Other invested assets		85.9		12.7			98.6	4			106.6	4
Cash and cash equivalents		69.1		—			69.1	3			68.3	3
Restricted cash and cash equivalents		0.2		—			0.2	—			0.2	—
Total investments and cash	$	2,465.2	$	65.4		$	2,529.5	100	%	$	2,532.4	100	%

Breakout of Fixed Maturity Securities:
U.S. Treasuries and agencies	$	68.0	$	(0.5	)	$	67.5	3	%	$	59.3	3	%
States and municipalities		169.9		(2.0	)		167.9	8			159.3	8
Corporate securities		822.2		(24.8	)		797.2	38			803.0	38
Mortgage-backed securities		713.5		(37.3	)		675.9	33			684.9	33
Asset-backed securities		195.9		(0.1	)		195.8	9			214.0	10
Collateralized loan obligations		26.0		(0.1	)		25.9	1			35.3	2
Bank loans and other		150.0		(2.6	)		146.8	7			141.6	7
Total fixed maturity securities	$	2,145.5	$	(67.4	)	$	2,077.0	100	%	$	2,097.4	100	%

Weighted average book yield	4.5%	4.5%
Average credit quality (S&P)	A+	A+
Duration⁽²⁾	4.3	4.5
(1) Amortized cost excludes allowance for current expected credit losses of $1.1 million
(2) Duration is measured by the sensitivity to changes in interest rates

EMPLOYERS HOLDINGS, INC. Book Value Per Share (unaudited) $ in millions, except per share amounts

		June 30, 2025			March 31, 2025			December 31, 2024			June 30, 2024
Numerators:
Stockholders’ equity	A	$	1,083.1		$	1,075.7		$	1,068.7		$	1,022.9
Plus: Deferred Gain			90.7			92.4			94.0			95.3
Stockholders’ equity including the Deferred Gain ⁽¹⁾	B		1,173.8			1,168.1			1,162.7			1,118.2
Accumulated other comprehensive loss			67.3			76.8			104.5			125.3
Income taxes related to accumulated other comprehensive loss			(14.1	)		(16.1	)		(22.0	)		(26.3	)
Adjusted stockholders’ equity ⁽¹⁾	C	$	1,227.0		$	1,228.8		$	1,245.2		$	1,217.2

Denominator (shares outstanding)	D		23,740,953			24,210,602			24,556,706			24,896,116

Book value per share ⁽¹⁾	A / D	$	45.62		$	44.43		$	43.52		$	41.09
Book value per share including the Deferred Gain⁽¹⁾	B / D		49.44			48.25			47.35			44.91
Adjusted book value per share ⁽¹⁾	C / D		51.68			50.75			50.71			48.89

Year-over-year change in: ⁽²⁾
Book value per share			14.0	%		13.5	%		11.9	%		15.7	%
Book value per share including the Deferred Gain			12.8			12.3			10.6			14.0
Adjusted book value per share			8.2			8.5			9.8			10.2

(1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.
(2) Reflects the twelve month change in book value per share after taking into account dividends declared of $1.22, $1.20, $1.18 and $1.14 for the twelve month periods ended June 30, 2025, March 31, 2025, December 31, 2024 and June 30, 2024, respectively.

EMPLOYERS HOLDINGS, INC. Earnings Per Share (unaudited) $ in millions, except per share amounts

		Three Months Ended						Six Months Ended
		June 30,						June 30,
			2025			2024			2025			2024
Numerators:
Net income	A	$	29.7		$	31.7		$	42.5		$	60.0
Impact of the LPT Agreement			(1.7	)		(2.1	)		(3.3	)		(4.2	)
Net income excluding LPT ⁽¹⁾	B		28.0			29.6			39.2			55.8
Net realized and unrealized gains on investments			(20.9	)		(2.2	)		(8.1	)		(13.6	)
Income tax expense related to items excluded from Net income			4.4			0.5			1.7			2.9
Adjusted net income ⁽¹⁾	C	$	11.5		$	27.9		$	32.8		$	45.1

Denominators:
Average common shares outstanding (basic)	D		24,005,881			25,278,473			24,201,160			25,312,208
Average common shares outstanding (diluted)	E		24,136,221			25,363,941			24,370,311			25,449,957

Earnings per share:
Basic	A / D	$	1.24		$	1.25		$	1.76		$	2.37
Diluted	A / E		1.23			1.25			1.74			2.36

Earnings per share excluding LPT: ⁽¹⁾
Basic	B / D	$	1.17		$	1.17		$	1.62		$	2.20
Diluted	B / E		1.16			1.17			1.61			2.19

Adjusted earnings per share: ⁽¹⁾
Basic	C / D	$	0.48		$	1.10		$	1.36		$	1.78
Diluted	C / E		0.48			1.10			1.35			1.77

(1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.

Non-GAAP Financial Measures

Within this earnings release we present the following measures, each of which are “non-GAAP financial measures.” A reconciliation of these measures to the Company’s most directly comparable GAAP financial measures is included herein. Management believes that these non-GAAP measures are important to the Company’s investors, analysts and other interested parties who benefit from having an objective and consistent basis for comparison with other companies within our industry. Management further believes that these measures are more relevant than comparable GAAP measures in evaluating our financial performance.

The LPT Agreement is a non-recurring transaction that no longer provides any ongoing cash benefits to the Company. Management believes that providing non-GAAP measures that exclude the effects of the LPT Agreement (amortization of deferred reinsurance gain, adjustments to LPT Agreement ceded reserves and adjustments to the contingent commission receivable) is useful in providing investors, analysts and other interested parties a meaningful understanding of the Company’s ongoing underwriting performance.

Deferred reinsurance gain (Deferred Gain) reflects the unamortized gain from the LPT Agreement. This gain has been deferred and is being amortized using the recovery method, whereby the amortization is determined by the proportion of actual reinsurance recoveries to total estimated recoveries, except for the contingent profit commission, which was amortized through June 30, 2024, the date of its final determination. Amortization is reflected in losses and LAE incurred.

Adjusted net income (see Page 3 for calculations) is net income excluding the effects of the LPT Agreement, and net realized and unrealized gains and losses on investments (net of tax), and any miscellaneous non-recurring transactions (net of tax). Management believes that providing this non-GAAP measures is helpful to investors, analysts and other interested parties in identifying trends in the Company’s operating performance because such items have limited significance to its ongoing operations or can be impacted by both discretionary and other economic factors and may not represent operating trends.

Stockholders’ equity including the Deferred Gain (see Page 8 for calculations) is stockholders’ equity including the Deferred Gain. Management believes that providing this non-GAAP measure is useful in providing investors, analysts and other interested parties a meaningful measure of the Company’s total underwriting capital.

Adjusted stockholders’ equity (see Page 8 for calculations) is stockholders’ equity including the Deferred Gain, less accumulated other comprehensive income (net of tax). Management believes that providing this non-GAAP measure is useful to investors, analysts and other interested parties since it serves as the denominator to the Company’s adjusted return on stockholders’ equity metric.

Return on stockholders’ equity and Adjusted return on stockholders’ equity (see Page 4 for calculations). Management believes that these profitability measures are widely used by our investors, analysts and other interested parties.

Book value per share, Book value per share including the Deferred Gain, and Adjusted book value per share (see Page 8 for calculations). Management believes that these valuation measures are widely used by our investors, analysts and other interested parties.

Net income excluding LPT (see Page 3 for calculations). Management believes that these performance and underwriting measures are widely used by our investors, analysts and other interested parties.

The MIL Network –

July 31, 2025

MIL-OSI: Enact Reports Second Quarter 2025 Results; Announces $0.21 Per Share Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

GAAP Net Income of $168 million, or $1.11 per diluted share
Adjusted Operating Income of $174 million, or $1.15 per diluted share
Return on Equity of 13.0% and Adjusted Operating Return on Equity of 13.4%
Primary Insurance in-force of $270 billion, a 1% increase from second quarter 2024
PMIERs Sufficiency of 165% or approximately $2.0 billion
Book Value Per Share of $35.20 and Book Value Per Share excluding AOCI of $35.90
Increased Full-Year Capital Return Guidance to Approximately $400 million

RALEIGH, N.C., July 30, 2025 (GLOBE NEWSWIRE) — Enact Holdings, Inc. (Nasdaq: ACT) today announced financial results for the second quarter of 2025.

“Our strong second quarter results underscore the resilience of our business model and the consistency of our execution,” stated Rohit Gupta, President and CEO of Enact. “We continue to navigate an evolving market, grow our insurance in-force, maintain robust risk and expense management and deliver strong capital returns while also investing in our business. As we look ahead, we remain confident in the fundamentals of the housing market and our ability to deliver long-term value for all stakeholders while helping more people responsibly achieve and sustain homeownership.”

Key Financial Highlights

(In millions, except per share data or otherwise noted)	2Q25	1Q25	2Q24
Net Income (loss)	$168	$166	$184
Diluted Net Income (loss) per share	$1.11	$1.08	$1.16
Adjusted Operating Income (loss)	$174	$169	$201
Adj. Diluted Operating Income (loss) per share	$1.15	$1.10	$1.27
NIW ($B)	$13	$10	$14
Primary Persistency Rate	82%	84%	83%
Primary IIF ($B)	$270	$268	$266
Net Premiums Earned	$245	$245	$245
Losses Incurred	$25	$31	$(17)
Loss Ratio	10%	12%	(7)%
Operating Expenses	$53	$53	$56
Expense Ratio	22%	21%	23%
Net Investment Income	$66	$63	$60
Net Investment gains (losses)	$(7)	$(3)	$(8)
Return on Equity	13.0%	13.1%	15.4%
Adjusted Operating Return on Equity	13.4%	13.4%	16.9%
PMIERs Sufficiency ($)	$1,961	$1,966	$2,057
PMIERs Sufficiency (%)	165%	165%	169%

Second Quarter 2025 Financial and Operating Highlights

Net income was $168 million, or $1.11 per diluted share, compared with $166 million, or $1.08 per diluted share, for the first quarter of 2025 and $184 million, or $1.16 per diluted share, for the second quarter of 2024. Adjusted operating income was $174 million, or $1.15 per diluted share, compared with $169 million, or $1.10 per diluted share, for the first quarter of 2025 and $201 million, or $1.27 per diluted share, for the second quarter of 2024.
New insurance written (NIW) was approximately $13 billion, up 35% from the first quarter of 2025, primarily from seasonality in the purchase origination market, and modestly down from the second quarter of 2024. NIW for the current quarter was comprised of 96% monthly premium policies and 93% purchase originations.
Persistency remained elevated at 82%, down from 84% in the first quarter of 2025 and down from 83% in the second quarter of 2024. Approximately 7% of the mortgages in our portfolio had rates at least 50 basis points above June 2025’s average mortgage rate of 6.8%.
Primary insurance in-force (IIF) was $270 billion, up approximately 1% from $268 billion in the first quarter of 2025 and up approximately 1% from $266 billion in the second quarter of 2024.
Net premiums earned were $245 million, approximately flat from the first quarter of 2025 and modestly increased from the second quarter of 2024. The year-over-year increase is primarily driven by premium growth from attractive adjacencies and growth in primary insurance in-force, mostly offset by higher ceded premiums.
Losses incurred for the second quarter of 2025 were $25 million and the loss ratio was 10%, compared to $31 million and 12%, respectively, in the first quarter of 2025 and $(17) million and (7)%, respectively, in the second quarter of 2024. The current quarter’s reserve release of $48 million from favorable cure performance and loss mitigation activities compares to a reserve release of $47 million and $77 million in the first quarter of 2025 and second quarter of 2024, respectively. The reserve release in the second quarter of 2024 benefited from reduction of claim rate from 10% to 9%.
Operating expenses in the current quarter were $53 million, and the expense ratio was 22%. This compared to $53 million and 21%, respectively, in the first quarter of 2025 and $56 million and 23%, respectively in the second quarter of 2024. The year-over-year decrease was primarily driven by the prior year restructuring costs of $3 million from a voluntary separation program.
Net investment income was $66 million, up from $63 million in the first quarter of 2025 and up from $60 million in the second quarter of 2024, driven by the continuation of elevated interest rates and higher average invested assets.
Net investment gains (losses) in the quarter were $(7) million, as compared to $(3) million sequentially and $(8) million in the same period last year. The activity is primarily driven by the identification of assets that upon selling allow us to recoup losses through higher net investment income.
Annualized return on equity for the second quarter of 2025 was 13.0% and annualized adjusted operating return on equity was 13.4%. This compares to the first quarter of 2025 results of 13.1% and 13.4%, respectively, and to second quarter 2024 results of 15.4% and 16.9%, respectively.

Capital and Liquidity

We paid approximately $31 million, or $0.21 per share, dividend in the second quarter.
EMICO completed a dividend of approximately $130 million in the second quarter that will primarily be used to support our ability to return capital to shareholders and bolster financial flexibility.
Enact Holdings, Inc. held $345 million in cash and cash equivalents plus $306 million of invested assets as of June 30, 2025. Combined cash and invested assets decreased $3 million from the prior quarter, primarily due to share buybacks, our quarterly dividend and interest payment on our debt mostly offset by the contribution from EMICO.
PMIERs sufficiency was 165% and $2.0 billion above the PMIERs requirements, compared to 165% and $2.0 billion above the PMIERs requirements in the first quarter of 2025.

Recent Events

We repurchased approximately 2.4 million shares at an average price of $35.45 for a total of approximately $85 million in the quarter. Additionally, through July 25, 2025, we repurchased 0.8 million shares at an average price of $35.86 for a total of $30 million. During the quarter we completed our $250 million share repurchase authorization announced May 1, 2024, and as of July 25, 2025, there was approximately $262 million remaining of our previously announced $350 million repurchase authorization.
We announced today that the Board of Directors declared a quarterly dividend of $0.21 per share, payable on September 8, 2025, to shareholders of record on August 18, 2025.
We now anticipate a total 2025 capital return of approximately $400 million; the final amount and form of capital returned to shareholders will depend on business performance, market conditions, and regulatory approvals.

Conference Call and Financial Supplement Information
This press release, the second quarter 2025 financial supplement and earnings presentation are now posted on the Company’s website, https://ir.enactmi.com. Investors are encouraged to review these materials.

Enact will discuss second quarter financial results in a conference call tomorrow, Thursday, July 31, 2025, at 8:00 a.m. (Eastern). Participants interested in joining the call’s live question and answer session are required to pre-register by clicking here to obtain your dial-in number and unique PIN. It is recommended to join at least 15 minutes in advance, although you may register ahead of the call and dial in at any time during the call. If you wish to join the call but do not plan to ask questions, a live webcast of the event will be available on our website, https://ir.enactmi.com/news-and-events/events.

The webcast will also be archived on the Company’s website for one year.

About Enact
Enact (Nasdaq: ACT), operating principally through its wholly owned subsidiary Enact Mortgage Insurance Corporation since 1981, is a leading U.S. private mortgage insurance provider committed to helping more people achieve the dream of homeownership. Building on a deep understanding of lenders’ businesses and a legacy of financial strength, we partner with lenders to bring best-in class service, leading underwriting expertise, and extensive risk and capital management to the mortgage process, helping to put more people in homes and keep them there. By empowering customers and their borrowers, Enact seeks to positively impact the lives of those in the communities in which it serves in a sustainable way. Enact is headquartered in Raleigh, North Carolina.

Safe Harbor Statement
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results, the related assumptions underlying our expected results, guidance concerning the future return of capital and the quotations of management. These forward-looking statements are distinguished by use of words such as “will,” “may,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” “predict,” “project,” “target,” “could,” “should,” or “intend,” the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. Our forward-looking statements contained herein speak only as of the date of this press release. Factors or events that we cannot predict, including risks related to an economic downturn or a recession in the United States and in other countries around the world; changes in political, business, regulatory, and economic conditions; changes in or to Fannie Mae and Freddie Mac (the “GSEs”), whether through Federal legislation, restructurings or a shift in business practices; failure to continue to meet the mortgage insurer eligibility requirements of the GSEs; competition for customers; lenders or investors seeking alternatives to private mortgage insurance; an increase in the number of loans insured through Federal government mortgage insurance programs, including those offered by the Federal Housing Administration; and other factors described in the risk factors contained in our most recent Annual Report on Form 10-K and other filings with the SEC, may cause our actual results to differ from those expressed in forward-looking statements. Although Enact believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, Enact can give no assurance that its expectations will be achieved and it undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.

GAAP/Non-GAAP Disclosure Discussion
This communication includes the non-GAAP financial measures entitled “adjusted operating income (loss),” “adjusted operating income (loss) per share,” and “adjusted operating return on equity.” Enact Holdings, Inc. (the “Company”) defines adjusted operating income (loss) as net income (loss) excluding the after-tax effects of net investment gains (losses), restructuring costs and infrequent or unusual non-operating items, and gain (loss) on the extinguishment of debt. The Company excludes net investment gains (losses), gains (losses) on the extinguishment of debt and infrequent or unusual non-operating items because the Company does not consider them to be related to the operating performance of the Company and other activities. The recognition of realized investment gains or losses can vary significantly across periods as the activity is highly discretionary based on the timing of individual securities sales due to such factors as market opportunities or exposure management. Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these realized gains and losses. We do not view them to be indicative of our fundamental operating activities. Therefore, these items are excluded from our calculation of adjusted operating income. In addition, adjusted operating income (loss) per share is derived from adjusted operating income (loss) divided by shares outstanding. Adjusted operating return on equity is calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity.

While some of these items may be significant components of net income (loss) in accordance with U.S. GAAP, the Company believes that adjusted operating income (loss) and measures that are derived from or incorporate adjusted operating income (loss), including adjusted operating income (loss) per share on a basic and diluted basis and adjusted operating return on equity, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. Adjusted operating income (loss) and adjusted operating income (loss) per share on a basic and diluted basis are not substitutes for net income (loss) available to Enact Holdings, Inc.’s common stockholders or net income (loss) available to Enact Holdings, Inc.’s common stockholders per share on a basic and diluted basis determined in accordance with U.S. GAAP. In addition, the Company’s definition of adjusted operating income (loss) may differ from the definitions used by other companies.

Adjustments to reconcile net income (loss) available to Enact Holdings, Inc.’s common stockholders to adjusted operating income (loss) assume a 21% tax rate.

The tables at the end of this press release provide a reconciliation of net income (loss) to adjusted operating income (loss) and U.S. GAAP return on equity to adjusted operating return on equity for the three months ended June 30, 2025 and 2024, as well as for the three months ended March 31, 2025.

Exhibit A: Consolidated Statements of Income (amounts in thousands, except per share amounts)

	2Q25	1Q25	2Q24
REVENUES:
Premiums	$245,289	$244,786	$244,567
Net investment income	65,884	63,037	59,773
Net investment gains (losses)	(7,343)	(3,243)	(7,713)
Other income	1,060	2,196	2,207
Total revenues	304,890	306,776	298,834

LOSSES AND EXPENSES:
Losses incurred	25,289	30,541	(16,821)
Acquisition and operating expenses, net of deferrals	50,598	50,094	53,960
Amortization of deferred acquisition costs and intangibles	2,205	2,429	2,292
Interest expense	12,296	12,291	13,644
Loss on debt extinguishment	0	0	10,930
Total losses and expenses	90,388	95,355	64,005

INCOME BEFORE INCOME TAXES	214,502	211,421	234,829
Provision for income taxes	46,694	45,643	51,156
NET INCOME	$167,808	$165,778	$183,673

Net investment (gains) losses	7,343	3,243	7,713
Costs associated with reorganization	(24)	629	3,435
Loss on debt extinguishment	0	0	10,930
Taxes on adjustments	(1,537)	(813)	(4,636)
Adjusted Operating Income	$173,590	$168,837	$201,115

Loss ratio⁽¹⁾	10%	12%	(7)%
Expense ratio⁽²⁾	22%	21%	23%
Earnings Per Share Data:
Net Income per share
Basic	$1.12	$1.09	$1.17
Diluted	$1.11	$1.08	$1.16
Adj operating income per share
Basic	$1.16	$1.11	$1.28
Diluted	$1.15	$1.10	$1.27
Weighted-average common shares outstanding
Basic	149,940	151,831	157,193
Diluted	150,729	152,907	158,571

⁽¹⁾The ratio of losses incurred to net earned premiums.
⁽²⁾The ratio of acquisition and operating expenses, net of deferrals, and amortization of deferred acquisition costs and intangibles to net earned premiums. Expenses associated with strategic transaction preparations and restructuring costs increased the expense ratio by zero percentage points for the three-month periods ended June 30, 2025 and March 31, 2025, one percentage point for the three-month period ended June 30, 2024.

Exhibit B: Consolidated Balance Sheets (amounts in thousands, except per share amounts)

Assets	2Q25	1Q25	2Q24
Investments:
Fixed maturity securities available-for-sale, at fair value	$5,896,818	$5,815,337	$5,331,345
Short term investments	3,001	3,696	12,313
Total investments	5,899,819	5,819,033	5,343,658
Cash and cash equivalents	612,967	635,269	699,035
Accrued investment income	53,259	49,654	45,317
Deferred acquisition costs	22,910	23,322	24,619
Premiums receivable	44,091	46,451	48,698
Other assets	107,882	103,351	98,929
Deferred tax asset	32,545	44,440	89,116
Total assets	$6,773,473	$6,721,520	$6,349,372

Liabilities and Shareholders’ Equity
Liabilities:
Loss reserves	$551,940	$542,528	$508,138
Unearned premiums	101,205	107,519	129,870
Other liabilities	153,447	208,667	143,167
Long-term borrowings	743,753	743,399	742,368
Total liabilities	1,550,345	1,602,113	1,523,543
Equity:
Common stock	1,484	1,508	1,561
Additional paid-in capital	1,927,372	2,007,776	2,220,903
Accumulated other comprehensive income	(104,342)	(152,482)	(236,305)
Retained earnings	3,398,614	3,262,605	2,839,670
Total equity	5,223,128	5,119,407	4,825,829
Total liabilities and equity	$6,773,473	$6,721,520	$6,349,372

Book value per share	$35.20	$33.96	$30.91
Book value per share excluding AOCI	$35.90	$34.97	$32.43

U.S. GAAP ROE⁽¹⁾	13.0%	13.1%	15.4%
Net investment (gains) losses	0.6%	0.3%	0.6%
Costs associated with reorganization	0.0%	0.0%	0.3%
(Gains) losses on early extinguishment of debt	0.0%	0.0%	0.9%
Taxes on adjustments	(0.1)%	(0.1)%	(0.4)%
Adjusted Operating ROE⁽²⁾	13.4%	13.4%	16.9%

Debt to Capital Ratio	12%	13%	13%

⁽¹⁾Calculated as annualized net income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity
⁽²⁾Calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity

This press release was published by a CLEAR® Verified individual.

The MIL Network –

July 31, 2025

MIL-OSI USA: Lee Introduces America First Deregulation for Coastal Trade

US Senate News:

Source: United States Senator for Utah Mike Lee

WASHINGTON – U.S. Senator Mike Lee (R-UT) introduced three pieces of legislation today to repeal and reverse the effects of the overreaching Passenger Vessel Services Act of 1886 (PVSA). Senator Lee’s three-pronged approach will strengthen America’s economy while protecting American jobs and businesses by repealing PVSA and eliminating its burdensome regulations.

“Red tape around America’s ports is strangling our economy and boosting foreign interests,” said Senator Mike Lee. “Current law protects ships that haven’t existed for decades and creates ridiculous requirements, forcing cruise ships to take Americans to foreign ports instead of their own cities. My legislation will repeal these outdated regulations, protect American jobs, and put our economy first.”

Background:

The Passenger Vessel Services Act (PVSA) is an outdated regulation intended to protect America’s coastal trade and tourism by restricting the domestic waterborne transportation of passengers only to ships that are U.S.-built, U.S.-flagged, and largely U.S.-crewed and -owned. This regulation was meant to insulate America’s coastal industries from foreign competition – with one exemption for ships making stops at “distant foreign ports.”

In practice, however, PVSA has stunted America’s economy by complicating trade practices and incentivizing foreign travel over American tourism. For example, because the United States has produced no large cruise ships in over sixty years, virtually any of these vessels moving passengers from one American port to another is essentially required by law to stop at a “distant foreign port” in order to legalize its domestic American travel. This means America is shipping its tourism economy to other countries in order to protect American-made cruise ships that no longer exist.

Far from an America First approach, PVSA regulations favor foreign economies and special interests.

Senator Lee’s legislation will cut through the red tape strangling America’s coastal economy by repealing PVSA, eliminating its requirement for U.S.-built vessels, and exempting large passenger ships from PVSA requirements.

The Open America’s Ports Act:

Repeals the Passenger Vessel Services Act (PVSA).

The Protecting Jobs in American Ports Act:

Repeals the section of PVSA barring non-U.S.-built vessels from standard treatment at American ports.

The Safeguarding American Tourism Act:

Exempts large passenger vessels (those with 800 or more passenger berths) from PVSA restrictions.

Read the full text of the legislation below:

Open America’s Ports Act

Protecting Jobs in American Ports Act

Safeguarding American Tourism Act

MIL OSI USA News –

July 31, 2025

MIL-OSI USA: Cornyn Blasts Democrats for Slow-Walking Trump Nominees, Undermining American People

US Senate News:

Source: United States Senator for Texas John Cornyn

WASHINGTON – Today on the floor, U.S. Senator John Cornyn (R-TX) blasted Senate Democrats for their historic slow-walking of Pres. Trump’s nominees and for undermining the will of the American people and expressed his view that Senate Republicans will need to consider taking steps to speed up confirmations should Democrats not relent in their obstruction. Excerpts of Sen. Cornyn’s remarks are below, and video can be found here.

“[My] Democratic colleagues here in the Senate have reflexively and mindlessly opposed President Trump’s nominees.”

“We have confirmed 107 of them, while 147 lower-level but critical nominees are still waiting to be confirmed by the Senate.”

“These include many ambassadors to key allies around the world that the Senate Foreign Relations Committee has voted out of Committee.”

“To date, Senate Democrats have allowed voice votes or given unanimous consent on exactly zero of President Trump’s civilian nominees.”

“Senate Democrats’ partisan obstruction is making our country less safe. It’s making American foreign policy less effective, and it’s ceding the field to our adversaries.”

“If our Democratic colleagues do not relent on this needless and mindless obstruction, Senate Republicans will have to consider what additional steps we need to take in order to expedite this process.”

“Our Democratic colleagues seem unwilling to accept the fact that President Trump actually won the election, receiving a mandate from the American people.”

“We owe it to the American people, we owe it to President Trump, we owe it to these nominees who volunteered to serve their country to vote on these nominees without further delay.”

MIL OSI USA News –

July 31, 2025

MIL-OSI USA News: “Absolute Blockbuster”: New GDP Report Shows Explosive Growth in Trump’s Economy

Source: US Whitehouse

With U.S. economic growth surging in the second quarter, President Donald J. Trump has proven the so-called “experts” wrong once again as he presides over tame inflation, blue-collar wage growth, explosive job creation, and a “Made in America” boom.

Here’s what they’re saying about today’s GDP report:

Economist E.J. Antoni: “This GDP report, I mean, really, is an absolute blockbuster. It completely defies expectation. It is not only a good headline number, it has good internals, as well.”

Economist Steve Moore: “This is an amazing number … We’re seeing lots of jobs. We’re seeing tame inflation. It is really a beautiful picture … It’s hard to see anything to complain about. I’m sure Democrats will find something they don’t like.”

Bullseye Brief author Adam Johnson: “The GDP Price Index was only 2% and the expectation was 2.2%. In other words, we have an economy growing at 3%; we have inflation at 2%. That’s the best of both words, so I’m very positive on that report.”

Job Creators Network CEO Alfredo Ortiz: “The U.S. economy grew by an annualized 3% in the second quarter of the year—yet another data point that supports an interest rate cut by the Fed. Trump’s three-legged stool is working: balancing trade, cutting taxes, and slashing regulations are creating an economic boom.”

Navy Federal Credit Union Chief Economist Heather Long: “The word of the summer for the economy is ‘resilient.’”

CNN’s Wolf Blitzer: “Welcome news for the U.S. economy.”

CNN’s Matt Egan: “GDP, the broadest measure of the U.S. economy, it did rebound in the second quarter. Three percent — that is a solid number and it also beat expectations.”

Benzinga’s Piero Cingari: “The U.S. economy roared back robustly in the second quarter, with gross domestic product rebounding well above expectations—offering President Donald Trump a timely economic victory to celebrate.”

CNBC’s Joe Kernen: “This three percent, with the market at new highs and, really, we haven’t seen inflation go up … none of these ‘horrible things’ have happened.”

CNBC’s Rick Santelli: “There’s no doubt that this is some success. We’re seeing more horsepower. We’re seeing better equities. Inflation? Inflation really hasn’t changed much in the last year or so.”

Politico: “The surge in growth is a win for an administration that’s been battling widespread perceptions that Trump’s economic agenda is causing more harm than good … But for now, the GDP — the total value of all goods and services produced in the U.S. — is expanding at a healthy clip.”

USA TODAY columnist Nicole Russell: “Thanks to President Donald Trump’s bold policies, it appears that the United States will avoid a recession this year − one that so many liberals were predicting only months ago. Will Democrats put politics aside and applaud as the American economy shows a strength and resilience that so many of them doubted? Probably not.”

CBS News: “The number represents a surprising turnaround from the first three months of 2025 … The new data also shows consumers increased spending since the last quarter, with a growth of 1.4%, up from 0.5% from January to March.”

ABC News: “The U.S. economy expanded more than expected as President Donald Trump’s tariffs took hold over recent months, federal government data on Wednesday showed … The reading amounted to sturdy economic growth, suggesting the economy has continued to avert a significant tariff-induced cooldown. A boost in consumer spending helped propel the economic surge.”

CNBC: “The U.S. economy grew at a much stronger-than-expected pace in the second quarter, powered by a turnaround in the trade balance and renewed consumer strength.”

Bloomberg: US Economy Rebounds With 3% GDP Growth

The Wall Street Journal: “The U.S. economy grew at a 3.0% annual rate in the second quarter, exceeding expectations … Trump’s priorities, including tariffs and deportations, haven’t had a major [negative] economic impact thus far.”

President Donald J. Trump: “2Q GDP JUST OUT: 3%, WAY BETTER THAN EXPECTED! ‘Too Late’ MUST NOW LOWER THE RATE. No Inflation! Let people buy, and refinance, their homes!”

Vice President JD Vance: “Trump economy keeps defying the experts. Strong growth!”

Secretary of the Treasury Scott Bessent: “Real GDP grew 3% in Q2, surpassing expectations. Consumer spending is up, and inflation is cooling. This is what an America First economy looks like, and the best is yet to come.”

Secretary of Commerce Howard Lutnick: “GDP just surged to 3% and the Trump Economy has officially arrived. Biden’s first quarter is behind us, and growth is already accelerating. President Trump’s tariff policies have drawn historic investments and opened up global markets for U.S. businesses. Congratulations America: 3 percent today, and we’re just getting started.”

Secretary of Labor Lori Chavez-DeRemer: “Thanks to @POTUS, working families are thriving and our economy is booming”

National Economic Council Director Kevin Hassett: “There’s really strong growth, really strong income growth, we’ve got a huge reduction in government spending … Every single thing about this GDP release has shown strength.”

Press Secretary Karoline Leavitt: “Today, GDP growth came in above market expectations, and yesterday, consumer confidence rose. Americans trust in President Trump’s America First economic agenda that continues to prove the so-called ‘experts’ wrong. President Trump has reduced America’s reliance on foreign products, boosted investment in the US, and created thousands of jobs — delivering on his promise to Make America Wealthy Again. The data is clear and there are no more excuses, now is the time for ‘too late’ Powell to cut the rates!”

Counselor to the Secretary of the Treasury Joseph Lavorgna: “Q2 real #GDP expands 3.0%, above consensus expectations! Passage of the #OBBB and the CapEx comeback which is already underway will power a second half boom and beyond.”

MIL OSI USA News –

July 31, 2025

MIL-OSI USA News: Suspending Duty-Free De Minimis Treatment for All Countries

Source: US Whitehouse

class=”has-text-align-left”>By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.), section 604 of the Trade Act of 1974, as amended (19 U.S.C. 2483), and section 301 of title 3, United States Code, it is hereby ordered:

Section 1. Background. In Executive Order 14193 of February 1, 2025 (Imposing Duties To Address the Flow of Illicit Drugs Across Our Northern Border), I declared a national emergency regarding the unusual and extraordinary threat to the safety and security of Americans, including the public health crisis caused by fentanyl and other illicit drugs and the failure of Canada to do more to arrest, seize, detain, or otherwise intercept drug trafficking organizations, other drug and human traffickers, criminals at large, and illicit drugs. In that order, I determined that it was necessary and appropriate to, among other things, suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for articles described in section 2(a) and section 2(b) of that order. In Executive Order 14226 of March 2, 2025 (Amendment to Duties To Address the Flow of Illicit Drugs Across Our Northern Border), I paused the suspension of duty-free de minimis treatment on such articles until I received a notification from the Secretary of Commerce (Secretary) that adequate systems are in place to fully and expeditiously process and collect duties for such articles that would otherwise be eligible for duty-free de minimis treatment.

In Executive Order 14194 of February 1, 2025 (Imposing Duties To Address the Situation at Our Southern Border), I declared a national emergency regarding the unusual and extraordinary threat to the safety and security of Americans, including the public health crisis caused by fentanyl and other illicit drugs and the failure of Mexico to do more to arrest, seize, detain, or otherwise intercept drug trafficking organizations, other drug and human traffickers, criminals at large, and illicit drugs. In that order, I determined that it was necessary and appropriate to, among other things, suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for articles described in section 2(a) of that order. In Executive Order 14227 of March 2, 2025 (Amendment to Duties To Address the Situation at Our Southern Border), I paused the suspension of duty-free de minimis treatment on such articles until I received a notification from the Secretary that adequate systems are in place to fully and expeditiously process and collect duties for such articles that would otherwise be eligible for duty-free de minimis treatment.

In Executive Order 14195 of February 1, 2025 (Imposing Duties To Address the Synthetic Opioid Supply Chain in the People’s Republic of China), I declared a national emergency regarding the unusual and extraordinary threat from the failure of the Government of the People’s Republic of China (PRC) to arrest, seize, detain, or otherwise intercept chemical precursor suppliers, money launderers, other transnational criminal organizations, criminals at large, and illicit drugs. In that order, I determined that it was necessary and appropriate to, among other things, suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for articles described in section 2(a) of that order. In Executive Order 14200 of February 5, 2025 (Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China), I paused the suspension of duty-free de minimis treatment for articles described in section 2(a) of Executive Order 14195 until I received a notification from the Secretary that adequate systems are in place to fully and expeditiously process and collect duties for such articles that would otherwise be eligible for duty-free de minimis treatment.

I subsequently received notification from the Secretary that adequate systems have been established to process and collect duties for articles of the PRC and Hong Kong that would otherwise be eligible for duty-free de minimis treatment, and in Executive Order 14256 of April 2, 2025 (Further Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China as Applied to Low-Value Imports), I suspended duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for products of the PRC and Hong Kong described in section 2(a) of Executive Order 14195, as amended by Executive Order 14228 (Further Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China). In addition, I instructed the Secretary to submit a report regarding the impact of Executive Order 14256 on American industries, consumers, and supply chains and to make recommendations for further action as he deems necessary.

In Executive Order 14257 of April 2, 2025 (Regulating Imports With a Reciprocal Tariff To Rectify Trade Practices That Contribute to Large and Persistent Annual United States Goods Trade Deficits), I declared a national emergency with respect to underlying conditions indicated by the large and persistent annual U.S. goods trade deficits. I also provided that duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) would remain available for products described in section 3(a) of that order until I received a notification by the Secretary that adequate systems are in place to fully and expeditiously process and collect duties applicable for articles otherwise eligible for duty-free de minimis treatment.

The Secretary has notified me that adequate systems are now in place to fully and expeditiously process and collect duties for articles otherwise eligible for duty-free de minimis treatment on a global basis, including for products described in section 2(a) and section 2(b) of Executive Order 14193, section 2(a) of Executive Order 14194, and section 3(a) of Executive Order 14257.

In my judgment, I determine that it is still necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) in the manner and for the articles described below to deal with the unusual and extraordinary threats, which have their source in whole or substantial part outside the United States, to the national security, foreign policy, and economy of the United States.

I determine that it is necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for certain Canadian goods to deal with the emergency declared in Executive Order 14193, as amended. In my judgment, this suspension is necessary and appropriate to ensure that the tariffs imposed by Executive Order 14193, as amended, are effective in addressing the emergency declared in Executive Order 14193 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14193 is not undermined. For example, many shippers go to great lengths to evade law enforcement and hide illicit substances in imports that go through international commerce. These shippers conceal the true contents of shipments sent to the United States through deceptive shipping practices. Some of the techniques employed by these shippers to conceal the true contents of the shipments, the identity of the distributors, and the country of origin of the imports include the use of re-shippers in the United States, false invoices, fraudulent postage, and deceptive packaging. The risks of evasion, deception, and illicit-drug importation are particularly high for low-value articles that have been eligible for duty-free de minimis treatment.

Independently, I determine that it is necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for certain Mexican goods to deal with the emergency declared in Executive Order 14194, as amended. In my judgment, and for substantially similar reasons as above, this suspension is necessary and appropriate to ensure that the tariffs imposed by Executive Order 14194, as amended, are effective in addressing the emergency declared in Executive Order 14194 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14194 is not undermined.

Independently, and after considering information newly provided by the Secretary, among other things, I determine that it is still necessary and appropriate to continue to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for certain goods of the PRC and Hong Kong to deal with the emergency declared in Executive Order 14195, as amended. In my judgment, and for substantially similar reasons as above, this suspension is still necessary and appropriate to ensure that the tariffs imposed by Executive Order 14195, as amended, are effective in addressing the emergency declared in Executive Order 14195 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14195 is not undermined.

Also independently, I determine that it is necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) on a global basis to deal with the emergency declared in Executive Order 14257, as amended. In my judgment, this suspension is necessary and appropriate to ensure that the tariffs imposed by Executive Order 14257, as amended, are not evaded and are effective in addressing the emergency declared in Executive Order 14257 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14257 is not undermined.

Each of my determinations to suspend or continue to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) are independent from the other. And each determination is made only for the purpose to deal with the respective emergency and not for the purpose of dealing with another emergency.

Sec. 2. Suspension of Duty-Free de minimis Treatment. (a) The duty-free de minimis exemption provided under 19 U.S.C. 1321(a)(2)(C) shall no longer apply to any shipment of articles not covered by 50 U.S.C. 1702(b), regardless of value, country of origin, mode of transportation, or method of entry. Accordingly, all such shipments, except those sent through the international postal network, shall be subject to all applicable duties, taxes, fees, exactions, and charges. International postal shipments not covered by 50 U.S.C. 1702(b) shall be subject to the duty rates described in section 3 of this order. Entry for all shipments that — prior to the effective date of this order — qualified for the de minimis exemption, except for shipments sent through the international postal network, shall be filed using an appropriate entry type in the Automated Commercial Environment (ACE) by a party qualified to make such entry.

(b) Shipments sent through the international postal network that would otherwise qualify for the de minimis exemption under 19 U.S.C. 1321(a)(2)(C) shall pass free of any duties except those specified in section 3 of this order, and without the preparation of an entry by U.S. Customs and Border Protection (CBP), until such time as CBP establishes a new entry process and publishes that process in the Federal Register.

Sec. 3. Duty Rates for International Postal Shipments. (a) Transportation carriers delivering shipments to the United States through the international postal network, or other parties if qualified in lieu of such transportation carriers, must collect and remit duties to CBP using the methodology described in either subsection (b) or (c) of this section. Each transportation carrier shall apply the same methodology across all covered shipments during any given period but may change its methodology no more than once per calendar month, or on another schedule determined to be appropriate by CBP, upon providing at least 24 hours’ notice to CBP.

(b) A duty equal to the effective IEEPA tariff rate applicable to the country of origin of the product shall be assessed on the value of each dutiable postal item (package) containing goods entered for consumption.

(c) A specific duty shall be assessed on each package containing goods entered for consumption, based on the effective IEEPA tariff rate applicable to the country of origin of the product as follows:

(i) Countries with an effective IEEPA tariff rate of less than 16 percent: $80 per item;

(ii) Countries with an effective IEEPA tariff rate between 16 and 25 percent (inclusive): $160 per item; and

(iii) Countries with an effective IEEPA rate above 25 percent: $200 per item.

(d) For all international postal shipments subject to the methodologies described in subsections (b) and (c) of this section, the country of origin of the article must be declared to CBP.

(e) The specific duty methodology provided for in subsection (c) of this section shall be available for transportation carriers to select for a period of 6 months from the effective date of this order. After such time all shipments to the United States through the international postal network must comply with the ad valorem duty methodology in subsection (b) of this section.

(f) Shipments sent through the international postal network that are subject to antidumping and countervailing duties or a quota must continue to be entered under an appropriate entry type in ACE to the extent required by all applicable regulations.

Sec. 4. Implementation. (a) The requirements and procedures established by sections 2 and 3 of this order shall be effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time on August 29, 2025.

(b) The provisions of this order supersede section 2 of Executive Order 14256, as amended, with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time on August 29, 2025.

(c) Consistent with applicable law, the Secretary of Homeland Security is directed and authorized to take all necessary actions to implement and effectuate this order — including through temporary suspension or amendment of regulations or through notices in the Federal Register and by adopting rules, regulations, or guidance — and to employ all powers granted to the President by IEEPA as may be necessary to implement and effectuate this order. The Secretary of Homeland Security, in consultation with the United States International Trade Commission (ITC), shall determine whether modifications to the Harmonized Tariff Schedule of the United States are necessary to effectuate this order and may make such modifications through notice in the Federal Register. The Secretary of Homeland Security shall consult with the Secretary of State, the Secretary of the Treasury, the Attorney General, the Secretary of Commerce, the United States Trade Representative, the ITC, and the Postmaster General, where appropriate. The Secretary of Homeland Security may, consistent with applicable law, redelegate any of these functions within the Department of Homeland Security. All executive departments and agencies shall take all appropriate measures within their authority to implement this order.

(d) To ensure remittance of duties in accordance with this order, and to assure compliance with other legal requirements, CBP is authorized to require a basic importation and entry bond as described in 19 C.F.R. 113.62 for informal entries valued at or less than $2,500. Any carrier that transports international postal shipments to the United States, by any mode of transportation, must have an international carrier bond as described in 19 C.F.R. 113.64 to ensure payment of the duties described in section 3 of this order. CBP is authorized to ensure that the international carrier bonds required by this subsection are sufficient to account for the duties described in section 3 of this order.

Sec. 5. Definition. As used in this order, the term “effective IEEPA tariff rate” means the total duty rate imposed on articles to address a national emergency declared under IEEPA, including Executive Order 14257, as amended; Executive Order 14193; as amended, Executive Order 14194, as amended; and Executive Order 14195, as amended, in accordance with the stacking rules set out in Executive Order 14289 of April 29, 2025 (Addressing Certain Tariffs on Imported Articles), and any subsequent order or proclamation addressing stacking or the applicability of tariffs imposed under IEEPA.

Sec. 6. Severability. (a) If any provision of this order or the application of any provision of this order to any individual or circumstance is held to be invalid, the remainder of this order and the application of its provisions to any other individuals or circumstances shall not be affected.

(b)(i) If the additional duties imposed under Executive Order 14193, as amended, Executive Order 14194, as amended, Executive Order 14195, as amended, or Executive Order 14257, as amended, are held to be invalid, the suspension of, or continued suspension of, duty-free de minimis treatment, as detailed in this order, shall not be affected. Duty-free de minimis treatment would still be suspended, whether pursuant to my authority under 50 U.S.C. 1702(a)(1)(B) to “regulate . . . importation” or my authority under that provision to “nullify” or “void” “exercising any right . . . or privilege with respect to . . . any property,” in the way and to the extent explained in this order, to deal with the emergencies declared in Executive Order 14193, as amended, Executive Order 14194, as amended, Executive Order 14195, as amended, or Executive Order 14257, as amended. Such suspensions are still necessary and appropriate to address the unusual and extraordinary threats to the national security, foreign policy, and economy of the United States. Each determination to suspend or continue to suspend duty-free de minimis treatment is still independent from the other determination and made only with the purpose to deal with the respective emergency and not for the purpose of dealing with another emergency. CBP is directed and authorized to take all necessary actions consistent with applicable law to implement and effectuate this order in line with this section ‑- including through temporary suspension or amendment of regulations or through notices in the Federal Register and by adopting rules, regulations, or guidance — and to employ all powers granted to the President by IEEPA as may be necessary to implement and effectuate this order in line with this section.

(ii) Duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) shall remain available for postal shipments until notification by the Secretary to the President that adequate systems are in place to fully and expeditiously process and collect duties applicable for postal shipments otherwise eligible for duty-free de minimis treatment. After such notification, duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) shall not be available for postal shipments.

Sec. 7. General Provisions. (a) Nothing in this order shall be construed to impair or otherwise affect:

(i) the authority granted by law to an executive

department or agency, or the head thereof; or

(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

(b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

(c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

(d) The costs for publication of this order shall be borne by the Department of Homeland Security.

DONALD J. TRUMP

THE WHITE HOUSE,

July 30, 2025.

MIL OSI USA News –

July 31, 2025

MIL-OSI USA: LEADER JEFFRIES STATEMENT ON HISTORIC LAWSUIT AGAINST THE TRUMP ADMINISTRATION

Source: United States House of Representatives – Congressman Hakeem Jeffries (8th District of New York)

Today, Democratic Leader Hakeem Jeffries released the following statement:

Over the last several months, the Trump administration has repeatedly and unlawfully blocked Members of Congress from carrying out oversight of potential abuses in our immigration detention system. Today, Democratic Members of Congress are fighting back with a first-of-its-kind lawsuit asserting our constitutional responsibility to serve as a check-and-balance on the executive branch and its weaponization of immigration enforcement.

Donald Trump’s Department of Homeland Security is undermining our values as a nation of immigrants and one anchored in the rule of law. ICE and DHS have repeatedly and illegally arrested and detained American citizens and lawful permanent residents without due process. These extreme tactics, like raiding churches and schools and unleashing masked ICE agents on law-abiding communities, are extreme and unacceptable. The Trump administration is determined to hide the truth from Congress and the American people. House Democrats will not be silenced or intimidated.

This is an all-hands-on-deck effort, and I thank my colleagues for their leadership in bringing this groundbreaking lawsuit forward, including: the Congressional Hispanic Caucus led by Chair Adriano Espaillat, the Rapid Response Task Force and Litigation Working Group helmed by Assistant Democratic Leader Joe Neguse and Judiciary Committee Ranking Member Jamie Raskin, Homeland Security Committee Ranking Member Bennie Thompson, Oversight and Government Reform Committee Ranking Member Robert Garcia, a group of the Members putting themselves on the frontline of this fight including Representatives Lou Correa, Jason Crow, Veronica Escobar, Dan Goldman, Jimmy Gomez, Raul Ruiz and Norma Torres and our partners at Democracy Forward and American Oversight.

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MIL OSI USA News –

July 31, 2025

MIL-OSI USA: Casten, 92 House Democrats Demand Oversight Into Humanitarian Efforts in Gaza Amid Starvation Crisis

Source: United States House of Representatives – Representative Sean Casten (IL-06)

July 30, 2025

Washington, D.C. — U.S. Congressman Sean Casten (IL-06) led 92 House Democrats in a letter to Secretary of State Marco Rubio demanding an investigation into the ownership structure and operation of the Gaza Humanitarian Foundation (GHF), a private, unqualified U.S.-linked aid organization at the center of the worsening starvation and humanitarian crisis in Gaza.

A copy of the letter can be found here.

GHF is a U.S.-linked aid organization with no prior experience in humanitarian aid and operates under opaque funding arrangements. GHF received a $30 million grant from the State Department, despite significant internal objections from USAID officials that the group’s funding plan failed to meet the “minimum technical or budgetary standards.” In their letter, the lawmakers criticize the organization’s lack of qualifications, noting that neither of the private firms contracted by GHF to manage distribution sites in Gaza has prior experience in humanitarian work, nor does GHF Executive Chairman Johnnie Moore, who is a close ally of President Donald Trump.

“We have serious concerns with the operations of GHF, a newly established, private, U.S.-linked organization with no prior humanitarian experience, and the possibility that it could become the sole or primary aid provider in Gaza,” the lawmakers wrote. “…Providing secure and efficient humanitarian assistance to Palestinians is not only a moral obligation—it is also vital to Israel’s long-term security and the safe return of Israeli hostages. Enhancing aid operations is essential to stabilizing the region and achieving lasting peace.”

In July 2025, the Integrated Food Security Phase Classification, a panel developed by the United Nations’ Food and Agriculture Organization, issued a report warning that “the worst-case scenario of Famine is currently playing out in the Gaza Strip.” Netanyahu’s blockade and GHF’s dangerously mismanaged aid sites are directly contributing to the starvation crisis.

The lawmakers also expressed concern regarding disturbing violence at GHF distribution sites, where flawed distribution methods have caused mass panic and mass casualties.

GHF operates only four aid distribution sites in Gaza using a reckless first-come, first-served model that has resulted in deadly chaos. At least 1,000 Palestinians have reportedly been killed while attempting to access aid near GHF sites, with reports describing Israeli soldiers and U.S. contractors opening fire on desperate civilians. One former contractor said he was instructed to “shoot to kill and ask questions later.”

“Instead of using traditional aid distribution methods, based on internationally agreed-upon humanitarian principles, GHF provides food on a first-come, first-served basis,” the lawmakers continued. “As a result, when centers open, large crowds of Palestinians rush to the centers. In these situations, there appear to be few restrictions on the use of lethal force by Israeli soldiers and American contractors in the vicinity.”

In addition to Rep. Casten, the letter was signed by Amo, Gabe; Ansari, Yassamin; Balint, Becca; Barragán, Nanette; Bera, Ami; Bonamici, Suzanne; Brownley, Julia; Brown, Shontel; Carbajal, Salud; Carson, André; Carter, Troy; Castro, Joaquin; Chu, Judy; Cleaver, Emanuel; Cohen, Steve; Courtney, Joe; Craig, Angie; Crow, Jason; Davis, Danny; Dean, Madeleine; DeGette, Diana; DeLauro, Rosa; Deluzio, Christopher; DeSaulnier, Mark; Dexter, Maxine; Dingell, Debbie; Doggett, Lloyd; Escobar, Veronica; Fields, Cleo; Foster, Bill; Foushee, Valerie; Frost, Maxwell; Garcia, Robert; Garcia, Sylvia; Green, Al; Harder, Josh; Hayes, Jahana; Houlahan, Chrissy; Hoyle, Val; Huffman, Jared; Jackson, Jonathan; Jacobs, Sara; Johnson, Henry; Kaptur, Marcy; Keating, William; Kelly, Robin; Khanna, Ro; Larsen, Rick; Larson, John; Leger Fernandez, Teresa; Lofgren, Zoe; Lynch, Stephen; Magaziner, Seth; Matsui, Doris; McBride, Sarah; McClellan, Jennifer; McCollum, Betty; McGovern, James; Moore, Gwen; Mullin, Kevin; Nadler, Jerrold; Norton, Eleanor; Ocasio-Cortez, Alexandria; Panetta, Jimmy; Pappas, Chris; Pelosi, Nancy; Pettersen, Brittany; Pingree, Chellie; Pocan, Mark; Pressley, Ayanna; Quigley, Mike; Randall, Emily; Ruiz, Raul; Salinas, Andrea; Schakowsky, Janice; Schrier, Kim; Scott, Robert; Smith, Adam; Sorensen, Eric; Stansbury, Melanie; Swalwell, Eric; Takano, Mark; Thompson, Bennie; Thompson, Mike; Tokuda, Jill; Tonko, Paul; Trahan, Lori; Underwood, Lauren; Vasquez, Gabe; Velázquez, Nydia; Watson Coleman, Bonnie; and Williams, Nikema.

A copy of the letter can be found here. Text of the letter can be found below.

Dear Secretary Rubio:

As supporters of a strong U.S.-Israel relationship and advocates for humanitarian assistance to the people of Gaza, we write to seek clarity on the ownership structure and operation of the Gaza Humanitarian Foundation (GHF).

More than two million people in Gaza currently face “critical levels” of hunger. We welcome efforts to facilitate the entry of humanitarian aid and share the objective of ensuring that Hamas does not divert such aid. However, we have serious concerns with the operations of GHF, a newly established, private, U.S.-linked organization with no prior humanitarian experience, and the possibility that it could become the sole or primary aid provider in Gaza. We agree that delivering aid promptly and securely is crucial. However, GHF’s practices and finances require increased transparency and oversight to ensure aid reaches the intended beneficiaries effectively, safely, and in accordance with international standards.

On June 24, 2025, the Department of State (DOS) approved a $30 million grant for GHF. Jeremy Lewin, a current DOS official and former Department of Government Efficiency (DOGE) employee, reportedly moved forward with the grant’s approval despite 58 internal objections that U.S. Agency for International Development (USAID) staff experts wanted GHF to resolve before approving funding, and an assessment in a memorandum from an acting USAID official that GHF’s funding plan failed to meet required “minimum technical or budgetary standards.” As lawmakers entrusted with the authority to appropriate taxpayer funds, which were undoubtedly used for GHF’s grant, we find this troubling.

Moreover, GHF has not published a complete list of its sponsors. Registered in Delaware in February 2025, GHF also established an office in Geneva, Switzerland (which the Swiss government has since announced is to be dissolved) with the explicit intent of accommodating donors that “prefer to participate outside of the U.S. structure.” The foundation has publicly stated that it has received at least $119 million from “other government donors.” Furthermore, despite its public denial, the Israeli government has reportedly covertly contributed approximately $280 million USD to the new aid mechanism run by GHF. Full disclosure of GHF’s funding sources is imperative.

GHF runs four aid distribution sites in Gaza. It contracts two American private firms, Safe Reach Solutions (SRS) and UG Solutions (UGS), to provide security and logistics, with some pricing models reportedly provided by Boston Consulting Group consultants, who reportedly regularly met with Israeli officials in connection with the consultants’ role in helping develop ideas for GHF’s operations. None of the groups have prior humanitarian experience, nor does GHFExecutive Chairman Johnnie Moore, a close ally of President Trump. As a result, these distribution centers appear to operate at a reduced capacity at an exorbitant cost, significantly exceeding the current operating costs of experienced humanitarian organizations.

We are further alarmed at the widespread violence at GHF distribution centers. As of July 23, 2025, there have reportedly been at least 1,000 people killed while trying to access critical aid near GHF sites. Instead of using traditional aid distribution methods, based on internationally agreed-upon humanitarian principles, GHF provides food on a first-come, first-served basis. As a result, when centers open, large crowds of Palestinians rush to the centers. In these situations, there appear to be few restrictions on the use of lethal force by Israeli soldiers and American contractors in the vicinity. A former security contractor stated that he was instructed, “if you feel threatened, shoot – shoot to kill and ask questions later.” GHF centers offer desperately needed lifelines to those who receive aid without experiencing violence. However, the risk of violence, long wait times, and limited aid availability appear to force hundreds of thousands to choose between risking their lives or going without food.

The operations of the GHF sites are widely criticized by experienced humanitarian organizations as being inefficient and dangerous, and violating internationally agreed-upon humanitarian principles. Notably, GHF’s inaugural Executive Director and former Marine, Jake Wood, resigned from the organization, citing that the organization no longer aligned with “humanitarian principles.”

Providing secure and efficient humanitarian assistance to Palestinians is not only a moral obligation—it is also vital to Israel’s long-term security and the safe return of Israeli hostages. Enhancing aid operations is essential to stabilizing the region and achieving lasting peace. To address our concerns, we respectfully request responses to the following questions no later than August 14th, 2025:

From which congressionally appropriated account does DOS’s $30 million grant for the GHF originate?
What specific oversight mechanisms are in place to ensure that the GHF operates in accordance with U.S. and international humanitarian law and humanitarian principles of neutrality and impartiality?
The DOS reportedly stated that GHF is subject to “rigorous oversight, including of GHF’s operations and finances.”
1. What is DOS’s role in monitoring the daily operations and financial practices of GHF, and what is the reporting mechanism?
2. Are the GHF and the private security contractors that it partners with to distribute assistance in compliance with U.S. standards (legal, regulatory, technical, budgetary, or otherwise) for humanitarian organizations?
The $30 million grant to GHF was approved despite 58 internal objections that USAID staff experts wanted GHF to resolve before approving funding, and an assessment in a memorandum from an acting USAID official that GHF’s funding plan failed to meet required ‘minimum technical or budgetary standards.’ What were the details of their objections or concerns, and why were they overridden?
What makes GHF more qualified than other humanitarian organizations with years of experience and the operational expertise needed to handle such a complex situation?
1. What makes the newly appointed Executive Chairman, Rev. Johnnie Moore Jr., a man with no prior humanitarian experience, but a close relationship with President Trump, the right person to lead GHF?
What steps is the U.S. government taking to address concerns about militarization at GHF’s aid sites, particularly regarding the involvement of U.S. private contractors and Israeli security forces?
Is there a formal agreement or memo of understanding between the U.S. and GHF that outlines the foundation’s operational guidelines, transparency, and accountability measures? If so, please provide a copy or summary of these terms.
Was the DOS involved in the decision-making processes that led to the establishment of only four aid distribution centers in Gaza to date? If so, please provide details of that communication.
GHF refuses to publish its sources of funding, including the $119 million it received from “other government donors.” What is the complete and most current list of GHF’s donors?
What are the details of the contracts between GHF, its contractors, Safe Reach Solutions (SRS), UGSolutions (UGS), and its aid providers?
1. What does GHF pay per diem for security and logistics to SRS and UGS?
2. Where does GHF source its aid packages from? How much does it pay for them?
Has the U.S. conducted any oversight or reviews of GHF’s operations in light of recent criticisms related to overcrowding, militarization, and security concerns? If so, what were the findings?
The Trump Administration is reportedly considering an additional $500 million grant to GHF using USAID funds. According to U.S. law, all NGO recipients of USAID grants are subject to a responsibility determination that certifies the NGO’s “necessary management competence…and that the applicant will practice mutually agreed upon methods of accountability for funds and other assets provided by USAID.”
1. Will this funding be approved?
2. If so, what account will this funding come from?
What steps will be taken to conduct the required “responsibility determination” certifying GHF’s competence and accountability?
What specific benefits has GHF’s aid distribution model or operations provided for U.S. and Israeli interests that the U.S. government assesses may justify some of the apparent drawbacks of the GHF model and operations?
Looking ahead, what information can the Administration share about the likely roles and potential roles of GHF and other humanitarian assistance providers in Gaza, respectively, under various scenarios (ceasefire, intensified conflict, post-conflict transition)?
1. What are the sources of this information?
2. What factors will the Administration use to determine whether and how to provide U.S. support to GHF and/or other providers, while actively monitoring their compliance with applicable legal and other standards?
How, if at all, will GHF coordinate with other humanitarian organizations already working in Gaza? Will GHF work within the already established coordinating mechanisms, and if so, how does it plan to do so?

Thank you for your attention to this critical matter.

Sincerely,

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MIL OSI USA News –

July 31, 2025

MIL-OSI USA: Rep. Mike Levin Honors Michael Meyers as July 2025 Constituent of the Month

Source: United States House of Representatives – Representative Mike Levin (CA-49)

July 30, 2025

Michael Meyers

Carlsbad, Calif. – Today, Rep. Mike Levin (CA-49) recognized Michael Meyers, a Carlsbad native and founder of North County San Diego’s first local goalball team for the blind and visually impaired, as his July 2025 Constituent of the Month.

Michael was diagnosed with retinitis pigmentosa, a degenerative eye disease, during high school and turned his disability into a force for local advocacy. While attending a rehabilitation program in Colorado, he discovered goalball, a team sport designed specifically for visually impaired athletes. After returning home to Carlsbad, he learned there were no local teams or programs that offered the sport. Michael worked with family and friends to launch a North County San Diego Goalball team earlier this year to provide this unique sporting opportunity to members of the community.

In just a few months, the team has grown to include more than 30 players and has drawn support from national leaders in adaptive sports, including Paralympic silver medalist Joseph Hamilton and former U.S. Men’s National Goalball Team head coach Matt Boyle.

Rep. Levin recognized Michael for his inspiring leadership and commitment to accessibility, health, and community inclusion.

See below for Rep. Levin’s statement recognizing Michael Meyers in the Congressional Record:

“Mr. Speaker, I am proud to recognize Michael Meyers as my July 2025 Constituent of the Month.

“Michael represents the best in our community. He is resilient, innovative, and committed to making our district more inclusive for individuals with disabilities. Michael saw a lack of recreational opportunities for people with visual impairments in our region and took it upon himself to create a solution. The goalball team he founded in North County San Diego is now helping dozens of visually impaired residents stay active, build confidence, and connect with one another.

“Michael’s work ensures that people who are blind or visually impaired have the chance to be part of a team, to challenge themselves, and to not sit on the sidelines. That spirit of inclusion and determination is exactly what makes our district special, and it is why I am honored to recognize Michael as my Constituent of the Month.”

ABOUT THE CONSTITUENT OF THE MONTH PROGRAM:

Rep. Levin’s Constituent of the Month program recognizes outstanding North County San Diego and South Orange County residents who have gone above and beyond to help their neighbors, give back to their community, and represent the best of our country. Rep Levin’s?June 2025 Constituent of the Month was Nani Love, a case manager and victim’s advocate at the North County LGBTQ Resource Center, and his May 2025 Constituent of the Month was Rohen Vargo, the founder of a student-run blood pressure screening clinic.

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MIL OSI USA News –

July 31, 2025

MIL-OSI USA: Rep. Mike Levin, Health Leaders & Patients Expose Devastating Medicaid Cuts That Threaten Access to Health Care

Source: United States House of Representatives – Representative Mike Levin (CA-49)

July 29, 2025

Rep. Levin, health leaders & patients discuss impacts of devastating Medicaid cuts

View full press conference here

Vista, CA — On the eve of the 60th anniversary of Medicaid becoming law, Rep. Mike Levin (CA-49), health leaders, and patients condemned deep Medicaid and health care cuts enacted under the Republican budget law that threaten access to health care services for millions of Americans. The Republican budget will harm seniors, low-income families, and California’s health care system.

President Trump signed into law the Republican budget, also called the One Big Beautiful Bill Act, on July 4th. The law makes the largest cuts to Medicaid in the program’s history and puts hospitals, emergency care, and Medicaid coverage at risk for nearly 15 million people, including two million people in California. The state expects billions in projected revenue losses?for health care providers, which is expected to reduce access to care.

“Medicaid has given millions of Americans access to care for six decades, but today, that promise is being broken,” said Rep. Levin. “This reckless law is a disaster for public health that will force millions of people off their insurance, raise premiums, and shut down hospitals and clinics. These cuts aren’t just numbers on a page, they’re real people who will lose access to life saving care and we can’t allow that to happen.”

The Republican budget law will:

Cut $1 trillion to Medicaid;
Kick 15 million Americans off their health care coverage;
Defund Planned Parenthood and impact over 1 million women;
Increase premiums and copays for families nationwide;
Impose paperwork requirements that could lock people out of coverage;
Cut billions from hospital and clinics.

“This law rips health care away from families so billionaires can get tax breaks. We won’t stand for it, and I will continue fighting to protect Medicaid to ensure every American gets the care they deserve,” said Rep. Levin.

Local health professionals on the ground described how the law puts critical services and patients at serious risk.

“At Gary and Mary West PACE, over 90% of the older adults we serve rely on Medicaid to access critical services that keep them health and independent in their homes,” said West PACE Community Engagement Director, Mary Jurgensen. “Across California, PACE programs serve nearly 22,000 seniors annually, each one counting on coordinated care, meals, therapy, and transportation that Medicaid funds support. The proposed Medicaid cuts in HR 1 threaten our ability to deliver these essential services and will place people at risk of losing access to life-sustaining care.”

Health leaders noted that in California, premiums are expected to soar. For those insured under Covered California, insurers are already seeking rate increases over 20%. Data from the House Budget Committee shows that more than 2 million people across California could lose health insurance, including children and seniors.

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MIL OSI USA News –

July 31, 2025

MIL-OSI USA: Secretary Hoskins Applauds the Professionalism of the Missouri Secretary of State’s Legal & Elections Teams Following Indictment of St. Louis County E

Source: US State of Missouri

FOR IMMEDIATE RELEASE

July 30, 2025

Secretary Hoskins Applauds the Professionalism of the Missouri Secretary of State’s Legal & Elections Teams Following Indictment of St. Louis County Executive Sam Page

JEFFERSON CITY, MO—Missouri Secretary of State Denny Hoskins today commended the outstanding work of the Legal and Elections divisions at the Missouri Secretary of State’s Office, whose investigation into possible misuse of public funds culminated in referral to the Missouri Attorney General’s Office.

A St. Louis County grand jury has indicted County Executive Sam Page on two misdemeanor election charges and two felony theft charges. The indictment alleges that taxpayer dollars were used to fund a mailer opposing Proposition B in the April 8, 2025, ballot—a clear violation of state law prohibiting public officials from using government funds to influence ballot measures.

“Our office takes its role in protecting fair and lawful elections extremely seriously,” said Secretary of State Hoskins. “I’m proud of the seasoned professionals in our Legal and Elections divisions whose experience, integrity, and diligence ensured this matter was thoroughly and professionally examined.”

The Secretary of State’s Office referred the investigation initially to the St. Louis County Prosecuting Attorney’s Office. Due to a conflict of interest, the case was reassigned and is now being handled by a special prosecutor within the Missouri Attorney General’s Office.

“This process reflects the strength of checks and balances within Missouri’s government,” added Hoskins. “Thanks to the expertise of our teams, Missouri citizens can expect real accountability for the appropriate use of public funds—not political campaigning.”

Secretary Hoskins reaffirmed that the Secretary of State’s Office remains committed to upholding the integrity of elections and public trust.

For more information, please contact Rachael Dunn, Director of Communications, via email at [email protected].

About the Missouri Secretary of State’s Office

The Missouri Secretary of State’s Office serves as a central hub for key state functions that promote transparency, security, and opportunity for all Missourians. The Office oversees the administration of fair and secure elections, registers and supports businesses, maintains and preserves state records through the State Archives, and ensures public access to government rulemaking via the Administrative Rules Division.

Additionally, the Office protects investors through the Securities Division, supports libraries and literacy programs across the state, and administers the Safe at Home address confidentiality program for survivors of abuse and assault. With a commitment to service, accountability, and civic engagement, the Secretary of State’s Office works every day to strengthen Missouri’s government and communities.

About Secretary of State Denny Hoskins

Denny Hoskins, CPA, was elected Missouri’s 41st Secretary of State in November 2024. With a strong background in business and public service, he is committed to improving government efficiency, transparency, and supporting Missouri families. Hoskins previously served as a legislator in both the state Senate and House. He and his wife, Michelle, reside in Warrensburg and have five adult children.

MIL OSI USA News –

July 31, 2025

MIL-OSI USA: Secretary Hoskins Highlights Ongoing Election Integrity Efforts

Source: US State of Missouri

FOR IMMEDIATE RELEASE

July 30, 2025

Secretary Hoskins Highlights Ongoing Election Integrity Efforts

JEFFERSON CITY, MO — Secretary of State Denny Hoskins today announced the latest developments in Missouri’s ongoing commitment to ensuring accurate, secure, and transparent voter rolls, reinforcing the state’s position as a national leader in election integrity.

“Free and fair elections begin with clean voter rolls,” said Secretary Hoskins. “That’s why Missouri conducts regular, extensive voter registration list maintenance—and we’re strengthening those efforts with powerful new tools and partnerships. I thank President Trump and his administration for taking leadership on allowing real, common sense resources for local election authorities to make strides in election integrity.”

In 2025 alone, as of the release, Missouri’s local election authorities removed more than 195,000 outdated or ineligible voter registrations. These removals include over 4,000 individuals with felony convictions and over 43,000 confirmed deceased registrations. Please note, list maintenance is ongoing.

Thanks to new access to federal databases—including the Department of Homeland Security’s Systematic Alien Verification for Entitlements (SAVE) program and Social Security Administration records—Missouri is now better equipped than ever to identify noncitizens and deceased individuals on the voter rolls.

Additionally, the Secretary of State’s Office is partnering with the Department of Homeland Security and the Federal Bureau of Investigations to investigate any non-citizens who have voted in Missouri.

The Secretary of State’s Office is also exploring memoranda of understanding (MOUs) with bordering and economically connected states to share data and enhance the accuracy of voter lists across state lines. These partnerships aim to provide additional safeguards against double registrations and unlawful voting.

“These are not just numbers—they represent real accountability,” Hoskins said. “Behind each removal is a commitment to voter confidence, election integrity, and the rule of law. And none of it would be possible without the dedicated work of our local election authorities. Their efforts are essential to protecting our elections, and we thank them for their continued service to the people of Missouri.”

About the Missouri Secretary of State’s Office

The Missouri Secretary of State’s Office serves as a central hub for key state functions that promote transparency, security, and opportunity for all Missourians. The Office oversees the administration of fair and secure elections, registers and supports businesses, maintains and preserves state records through the State Archives, and ensures public access to government rulemaking via the Administrative Rules Division.

Additionally, the Office protects investors through the Securities Division, supports libraries and literacy programs across the state, and administers the Safe at Home address confidentiality program for survivors of abuse and assault. With a commitment to service, accountability, and civic engagement, the Secretary of State’s Office works every day to strengthen Missouri’s government and communities.

About Secretary of State Denny Hoskins

Denny Hoskins, CPA, was elected Missouri’s 41st Secretary of State in November 2024. With a strong background in business and public service, he is committed to improving government efficiency, transparency, and supporting Missouri families. Hoskins previously served as a legislator in both the state Senate and House. He and his wife, Michelle, reside in Warrensburg and have five adult children.

For more information, please contact Rachael Dunn, Director of Communications, via email at [email protected].

MIL OSI USA News –

July 31, 2025

MIL-OSI USA: Prepare for Heavy Rain and Potential Flooding

Source: US State of New York

overnor Kathy Hochul today directed State agencies to prepare for heavy rain and the potential for localized flooding as parts of the state are forecast to be impacted by periods of heavy rain Thursday into Friday. New Yorkers across the Mid-Hudson, Long Island and New York City Regions could see locally higher totals over 3 inches of rain beginning Thursday and are cautioned to be vigilant in impacted areas. The storm also has the potential to impact the Capital Region if the storm track shifts. This is expected to be a slow-moving weather event with the most severe impacts occurring where the storm ultimately sets up. Isolated strong thunderstorms bringing locally heavy downpours, isolated damaging winds and large hail may occur Wednesday evening in parts of the Capital Region, Mohawk Valley, Southern Tier, Mid-Hudson, New York City and Long Island. Following the rain, cooler temperatures and low levels of humidity will blanket the State over the weekend.

“As the forecast shifts from extreme heat to heavy rains, I am urging all New Yorkers to stay vigilant and use caution through the end of this week,” Governor Hochul said. “State agencies are on standby for heavy downpours and localized flooding and will be monitoring the situation in real-time to ensure the safety of all New Yorkers in the path of the storm.”

Residents are encouraged to monitor their local forecasts, weather watches and warnings. For a complete listing of weather alerts, visit the National Weather Service website at alerts.weather.gov.

New Yorkers should ensure that government emergency alerts are enabled on their mobile phones. They should also sign up for real-time weather and emergency alerts that will be texted to their phones by texting their county or borough name to 333111.

Agency Preparations

Division of Homeland Security and Emergency Services
The Division’s Office of Emergency Management (OEM) is in contact with their local counterparts and is prepared to facilitate requests for assistance. OEM has enhanced their monitoring, the Office of Fire Prevention and Control is preparing to stage water rescue teams in Orange County and Ulster Counties in advance of the anticipated weather and will activate the State Fire Operations Center if conditions warrant.

State stockpiles are ready to deploy emergency response assets and supplies as needed. The State Watch Center is monitoring the storm track and statewide impacts closely.

Department of Transportation
The State Department of Transportation is monitoring weather conditions and prepared to respond with 3,428 supervisors and operators available statewide. All field staff are available to fully engage and respond.

Statewide equipment numbers are as follows:

1,431 large dump trucks
337 large loaders
92 chippers
86 tracked and wheeled excavators
33 water pumps
32 traffic and tree crew bucket trucks
28 traffic tower platforms
16 vacuum trucks with sewer jets

The need for additional resources will be re-evaluated as conditions warrant throughout the event. For real-time travel information, motorists should call 511 or visit 511ny.org, New York State’s official traffic and travel information source.

Thruway Authority
The Thruway Authority has 669 operators and supervisors prepared to respond to any wind or flood related issues across the state with small to medium sized excavators, plow/dump trucks, large loaders, portable Variable Message Signs (VMS) boards, portable light towers, smaller generators, smaller pumps and equipment hauling trailers, as well as signage and other traffic control devices available for any detours or closures. VMS and social media are utilized to alert motorists of weather conditions on the Thruway.

Statewide equipment numbers are as follows:

337 Large and Small Dump Trucks
63 Loaders
31 Trailers
5 Vac Trucks
14 Excavators
8 Brush Chippers
99 Chainsaws
24 Aerial Trucks
22 Skid Steers
86 Portable Generators
65 Portable Light Units

The Thruway Authority encourages motorists to download its mobile app which is available to download for free on iPhone and Android devices. The app provides motorists direct access to live traffic cameras, real-time traffic information and navigation assistance while on the go. Motorists can also sign up for TRANSalert e-mails which provide the latest traffic conditions along the Thruway, follow @ThruwayTraffic on X, and visit thruway.ny.gov to see an interactive map showing traffic conditions for the Thruway and other New York State roadways.

Department of Public Service
New York’s utilities have approximately 5,500 workers available statewide to engage in damage assessment, response, repair and restoration efforts across New York State, as necessary. The utilities will work with the local, county, and state transportation agencies to navigate closed roadways in any areas experiencing flooding. Agency staff will track utilities’ work throughout the event and ensure utilities shift appropriate staffing to regions that experience the greatest impact.

New York State Police
State Police instructed all Troopers to remain vigilant and will deploy extra patrols to affected areas as needed. All four-wheel drive vehicles are in service, and all watercraft and specialty vehicles are staged and ready for deployment.

Department of Environmental Conservation
The Department of Environmental Conservation’s (DEC) Emergency Management staff, Environmental Conservation Police Officers, Forest Rangers, and regional staff remain on alert and continue to monitor weather forecasts. Working with partner agencies, DEC is prepared to coordinate resource deployment of all available assets, including first responders, to targeted areas in preparation for potential impacts due to heavy rainfall and flooding.

DEC will have swift water teams staged in the Hudson Valley starting tomorrow morning through Friday, August 1.

DEC reminds local officials to watch for potential flooding in their communities. Municipalities are encouraged to undertake local assessments of flood-prone areas and to remove any accumulating debris. DEC permits and authorization are not required to remove debris unless stream banks or beds will be disturbed by debris removal and/or the use of heavy equipment. Municipalities and local governments are advised to contact DEC’s Regional Permit Administrators if assistance is required and to help determine if a permit is necessary.

If a permit is necessary, DEC can issue Emergency Authorizations to expedite approval of projects in place of an individual permit. DEC approves Emergency Authorizations for situations that are deemed an emergency based on the immediate protection of life, health, general welfare, property, or natural resources.

Office of Parks, Recreation and Historic Preservation
New York State Park Police and park personnel are on alert and closely monitoring weather conditions and impacts. Park visitors should visit parks.ny.gov, check the free mobile app, or call their local park office for the latest updates regarding park hours, openings and closings.

Metropolitan Transportation Authority

The Metropolitan Transportation Authority is closely monitoring weather conditions to ensure safe, reliable service. MTA employees will be poised to respond to any weather-related issues. To reduce the likelihood of flooding and respond to any instances of flooding, MTA crews will inspect drains in flood-prone areas to ensure they are functional, and supervisors will monitor flood-prone locations for any reports of flooding to ensure quick response. Elevator and escalator specialists will be deployed to flood-prone locations to attend to any weather-related elevator and escalator troubles.

Customers are encouraged to check mta.info for the latest service updates, and to use caution while navigating the system. Customers should also sign up for real-time service alerts via text or email. These alerts are also available via the MTA app and the TrainTime app.

Port Authority of New York and New Jersey

The Port Authority of New York and New Jersey is closely monitoring weather forecasts and is working with airport terminal operators and other airport partners in preparation. Air travelers should check with their airlines for updated information on their flights or check the Federal Aviation Administration website for any FAA programs that may affect flight operations at their departure airport before leaving for the airport and allow for additional travel time. Motorists who use the Port Authority’s six bridges and tunnels are strongly encouraged to sign up for email alerts, bus riders can use the MyTerminal app for real-time alerts on bus service at the Midtown Bus Terminal, or for PATH riders, check train service information via the PATH mobile app, RidePATH.

Flood Safety

Know your area’s type of flood risk — visit FEMA’s Flood Map Service Center.
Have a flood emergency plan in place that includes considerations for your children, pets and neighbors.
If you live in a flood-prone area, document your belongings and valuables. Keep important documents in a waterproof container. Create digital, password-protected copies of important documents, pictures, and other items.
Obtain flood insurance coverage under the National Flood Insurance Program (NFIP). Homeowner’s policies do not cover flooding.
Monitor your local weather forecast and follow any warnings that may be broadcast.
If you are advised by emergency officials to take immediate action such as evacuation, do not wait – follow all orders promptly.
Traveling during a flood can be extremely dangerous. One foot of moving water can sweep a vehicle away. Never walk, swim or drive through flood waters. If you have doubts, remember: “Turn Around, Don’t Drown!”
Consider those with access and functional needs to determine if they are prepared for a flood emergency where they live and work.

For more preparedness information and safety tips from DHSES, visit dhses.ny.gov/safety. The National Weather Service website also includes Flood Safety Tips and Spring Safety Resources.

MIL OSI USA News –

July 31, 2025

MIL-OSI USA: Attorney General Bonta Throws Support Behind Case Challenging Trump Administration’s Illegal Tariffs

Source: US State of California

Wednesday, July 30, 2025

Contact: (916) 210-6000, agpressoffice@doj.ca.gov

Continues fighting on all fronts for businesses and consumers

OAKLAND — California Attorney General Rob Bonta today filed an amicus brief in Learning Resources, Inc. v. Trump, a lawsuit challenging the tariffs President Trump imposed under the International Emergency Economic Powers Act (IEEPA). In April, Attorney General Bonta and Governor Newsom filed a lawsuit challenging President Trump’s unlawful use of power to levy tariffs via over a dozen executive orders under IEEPA. In the brief filed today in the U.S. Court of Appeals for the District of Columbia, Attorney General Bonta and Governor Newsom argue that the U.S. District Court for the District of Columbia was correct in holding that the Trump Administration’s interpretation of its authority under IEEPA is incorrect, that IEEPA’s language does not provide the authority to impose tariffs, and that President Trump’s IEEPA tariffs are unlawful (and that, much like California’s own case, the plaintiffs’ case was properly filed in district court, not the Court of International Trade). The brief urges the Court of Appeals to affirm the District Court’s decision.

“As the country braces for continuous chaos from President Trump’s illegal tariffs, standing united to fight for American consumers and businesses is more important than ever,” said Attorney General Bonta. “Today, I urge the U.S. Court of Appeals for the District of Columbia to affirm the District Court’s decision that President Trump’s chaotic tariffs are unlawful — not one word in the International Emergency Economic Powers Act, the Trump Administration’s vehicle for these tariffs, authorizes tariffs. These illegal tariffs will affect everything from the cost of essential household items like food and toilet paper to the cost of housing. The tariff chaos is a man-made crisis, and California families and industries will pay the price.”

The case in question involves two family-owned educational-toy companies challenging the Trump Administration’s tariffs under IEEPA. In May, the U.S. District Court for the District of Columbia denied the Trump Administration’s motion to transfer the case to the Court of International Trade and instead retained jurisdiction, held that IEEPA does not authorize tariffs and that the Trump Administration’s IEEPA tariffs were unlawful, and granted the plaintiffs’ motion for an injunction. In the brief, Attorney General Bonta agrees and argues that the Court of Appeals should affirm the District Court’s well-reasoned decision.

Attorney General Bonta is committed to challenging the illegal tariffs that threaten California jobs, businesses, and consumers and has held roundtables in San Francisco and Los Angeles to learn about the impact of tariffs on California industry.

On April 16, Attorney General Bonta and Governor Newsom filed a lawsuit challenging President Trump’s unlawful use of IEEPA to impose tariffs without the consent of Congress. In May, California filed a motion for a preliminary injunction with the U.S. District Court for the Northern District of California to stop the Trump Administration’s illegal tariffs while litigation in its case proceeds and filed an amicus brief in the Court of International Trade in Oregon v. Trump, another case also challenging President Trump’s illegal imposition of tariffs. In June, a judge granted California’s request for dismissal to allow the state to appeal its case challenging the Trump Administration’s illegal tariffs after the Administration asked that the case be transferred to the Court of International Trade — a motion that California opposed. The dismissal kept the case in California and allowed California to appeal to the Ninth Circuit. California’s case remains ongoing.

A copy of the amicus brief can be found here.

# # #

MIL OSI USA News –

July 31, 2025

MIL-OSI USA: State Provides Resources to Assist in Recovery at Fremont Plant Explosion

Source: US State of Nebraska

.cerveny@nebraska.gov”>katrina.cerveny@nebraska.gov

State Provides Resources to Assist in Recovery at Fremont Plant Explosion

LINCOLN, NE – The state of Nebraska is providing resources to assist in recovery operations at the Horizon Biofuels plant in Fremont. Three people, an adult and two children, have been missing since an explosion at the plant yesterday. A fire continues to burn at the structure.

Fourteen members of Nebraska Task Force One (NE-TF1) have been activated, including personnel with expertise in structural issues and a canine team. The group is also transporting equipment to the location that can be utilized should it become necessary. They will join other emergency response teams that remain on the scene, including multiple law enforcement and fire departments. Troopers with the Nebraska State Patrol continue to provide traffic control around the area. Representatives from the state Fire Marshal’s office are there as well.

Activation of NE-TF1 was authorized by Adjutant General Craig Strong, director of the Nebraska Emergency Management Agency (NEMA). Nebraska’s Emergency Management Act allows for the deployment of resources in response to emergencies and disasters.

Gov. Jim Pillen expressed his deep appreciation to the numerous agencies that have responded since yesterday.

“This is obviously a difficult situation for the community and those first responders who are working diligently at the scene,” said Gov. Pillen. “Suzanne and I continue to extend our thoughts and prayers to the family and friends of those who were in the plant at the time of this tragic incident.”

MIL OSI USA News –

July 31, 2025

MIL-OSI: Duos Technologies Group, Inc. Announces Proposed Public Offering of Common Stock

Source: GlobeNewswire (MIL-OSI)

JACKSONVILLE, Fla., July 30, 2025 (GLOBE NEWSWIRE) — Duos Technologies Group, Inc. (“Duos” or the “Company”) (Nasdaq: DUOT) a provider of adaptive, versatile and streamlined Edge Data Center (“EDC”) solutions tailored to meet evolving needs in any environment, today announced that it is commencing an underwritten public offering of shares of its common stock (or common stock equivalents). The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

The net proceeds from the offering will be used to expand, accelerate, and further commercialize the Company’s Edge Data Center business. With this funding, the Company is expected to be fully capitalized to execute on its substantial backlog and advance to Stage 2 of its EDC strategy, which is the development and deployment of more than 65 edge data centers.

Titan Partners Group, a division of American Capital Partners, is acting as the sole bookrunner for the offering.

The offering is being made pursuant to a shelf registration statement on Form S-3 (File No. 333-272603) filed with the Securities and Exchange Commission (“SEC”) on June 12, 2023, and declared effective by the SEC on June 21, 2023.

A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and accompanying prospectus relating to the offering, when available, may also be obtained by contacting Titan Partners Group LLC, a division of American Capital Partners, LLC, 4 World Trade Center, 29th Floor, New York, NY 10007, by phone at (929) 833-1246 or by email at prospectus@titanpartnersgrp.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Duos Technologies Group, Inc.
Duos Technologies Group, Inc. (Nasdaq: DUOT), based in Jacksonville, Florida, through its wholly owned subsidiaries, Duos Technologies, Inc., Duos Edge AI, Inc., and Duos Energy Corporation, designs, develops, deploys and operates intelligent technology solutions for Machine Vision and Artificial Intelligence (“AI”) applications including real-time analysis of fast-moving vehicles, Edge Data Centers and power consulting. For more information, visit www.duostech.com, www.duosedge.ai and www.duosenergycorp.com.

Forward-Looking Statements
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things our expectations regarding the completion, terms, size, and timing of the public offering, and with respect to granting the underwriters a 30-day option to purchase additional shares, in addition to our plans, strategies and prospects — both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as “believe,” “expect,” “anticipate,” “should,” “planned,” “will,” “may,” “intend,” “estimated,” and “potential,” among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include risks and uncertainties related to completion of the public offering on the anticipated terms or at all, market conditions and the satisfaction of customary closing conditions related to the public offering and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law. All forward-looking statements attributable to Duos Technologies Group, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.

This press release was published by a CLEAR® Verified individual.

The MIL Network –

July 31, 2025

Category: United States of America